Iran Oil Deal US Iran Sanctions Strait Of Hormuz — An oil tanker moves through the Strait of Hormuz as the United States eases sanctions on Iranian oil sales for the first time in decades.

US Iran Oil Sanctions Lifted 2026 as Peace Talks Begin

What the US Iran Oil Sanctions Lifted 2026 Means for Global Energy

By Desk Assistant On Jun 22, 2026

US IRAN OIL SANCTIONS – (Web Desk) – The US Iran oil sanctions lifted 2026 marks a major turning point in decades of bitter relations between Washington and Tehran. For the first time in years, Iran is now allowed to sell its oil on the global market under a temporary 60-day licence approved by the US Treasury Department.

The general licence allows the sale of Iranian crude oil, petroleum and petrochemical products. Under the terms, Iranian oil can also be imported into the United States if needed to complete delivery or offloading. Washington had not meaningfully imported Iranian oil since sanctions were first imposed after the 1979 revolution.

Treasury Secretary Scott Bessent confirmed the move on X. He said Iran had committed to free and open transit through the Strait of Hormuz and had agreed to allow International Atomic Energy Agency inspectors into the country. These commitments formed the basis of the new framework.

A memorandum of understanding signed last week between the two countries set the terms. The US agreed to issue waivers for Iranian crude exports, petroleum products and related services including banking, insurance and transportation. Payments to Iran may also now be made in US dollars.

Under President @realDonaldTrump and @VP, we continue to make the world safer and more prosperous.

In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency…

— Treasury Secretary Scott Bessent (@SecScottBessent) June 22, 2026

Not every country benefits from the licence. Cuba, North Korea and Crimea are excluded from its provisions.

Iran had been blocked from the global oil market for years. Independent refiners in China had been the biggest buyers of discounted Iranian oil. Before US sanctions returned in 2018, major buyers also included India, South Korea, Japan, Italy, Greece, Taiwan and Turkey.

Oil prices had jumped sharply when Iran began blocking the Strait of Hormuz, one of the world’s most critical shipping lanes. After the interim deal, prices fell to their lowest level since before the conflict started on February 28 this year.

Mediators confirmed on Monday that Washington and Tehran made encouraging progress in the first round of formal talks. Both sides are now working toward a final peace agreement within the 60-day window set by the ceasefire framework.