US Lifts Iranian Oil Sanctions Until 21 August
Last update: June 22, 2026
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Big shift from Washington, Iranian oil is back on the table for the next couple of months, and it could shake up prices at the pump.
So here’s a twist you might not have seen coming. The US Treasury announced on Monday that it’s pressing pause on sanctions against Iranian oil, but only until 21 August.
What does that actually mean? Basically, Iran can crack on with producing, selling and shipping crude oil and related products again. According to the license published by the Treasury Department, “all transactions” that were previously banned are now green-lit until 12:01am Eastern Daylight Time on 21 August 2026.
Why the sudden change of heart? US Treasury Secretary Scott Bessent pointed to ongoing talks with Tehran. He said Iran has committed to keeping things “free and open” through the Strait of Hormuz, that crucial shipping lane, and has agreed to let International Atomic Energy Agency inspectors back into the country.
It’s only temporary, but even a short window could move global oil markets. We’ll have to see if this eases supply pressures or if it’s just a diplomatic bargaining chip.
Reporting via cbinewstv
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