By Sabiu Abdullahi
The United States government has announced a temporary suspension of sanctions on Iranian oil exports and related transactions until August 21, 2026.
According to a statement released on Monday by the US Treasury Department, the measure will allow Iran to produce, sell and transport crude oil and associated petroleum products during the period.
The Treasury Department, which oversees US economic sanctions, stated that “All transactions” that had previously been restricted in connection with Iranian-origin crude oil “are authorized through 12:01 am eastern daylight time, August 21, 2026.”
US Treasury Secretary Scott Bessent said Washington decided to ease the restrictions due to commitments made by Tehran during ongoing talks with the United States and its allies.
Bessent explained that Iran had agreed to support “free and open transit” through the Strait of Hormuz. He also cited Tehran’s decision to permit inspectors from the International Atomic Energy Agency to enter the country.
The latest development comes amid continuing diplomatic efforts between both countries over regional security and energy-related concerns.
AFP reported that the temporary relief could affect global crude oil supply and international energy markets in the coming weeks.
