Trump Temporarily Lifts Sanctions on Iranian Oil

The Donald Trump administration has reportedly temporarily lifted sanctions on Iranian oil sales. This follows one of the key commitments made in the ceasefire agreement between the United States and Iran. “Iran has committed to free and open transit in the Strait of Hormuz, and to allow International Atomic Energy Agency (IAEA) inspectors into their country,” said US Treasury Secretary Scott Bessent in a post on X, as reported by CNN on Monday (22/6/2026). “As part of the framework, the Treasury Department has issued a temporary 60-day general licence allowing the production, shipping, and sale of Iranian oil,” he continued. The exemption permits Iran to sell and ship oil without sanctions until 12:01 a.m. on 21 August to nearly every country in the world, including the United States. This could prove a major boon for the Iranian economy after years of severe restrictions on its ability to export oil. It represents a shift agreed to by Trump administration negotiators in an effort to persuade Iran to fully reopen the Strait of Hormuz and alleviate the global energy supply crisis.