US lifts sanctions on Iranian oil in the Strait of Hormuz

The United States has temporarily lifted sanctions on Iranian oil through August 21, 2026.

The Treasury Department made the announcement on Monday.

It said the pause is intended to allow Iran to produce, sell, and deliver crude oil and related products.

“All transactions that were previously prohibited involving the production, sale, and transport of Iranian‑origin crude oil are authorized through 12:01 am eastern daylight time, August 21, 2026,” the Treasury Department stated.

Secretary of the Treasury Scott Bessent said the decision was prompted by Iran’s commitment to ongoing negotiations aimed at ensuring free and open transit through the Strait of Hormuz.

Bessent also noted Iran’s agreement to allow International Atomic Energy Agency inspectors to enter the country as a factor in suspending the sanctions.