The United States has temporarily lifted oil sanctions on Iran, granting a 60-day exemption that allows the country to sell its crude oil on the global market in U.S. dollars at standard market prices, on par with other major Gulf producers.
The temporary sanctions relief is part of several economic incentives intended to benefit Iran, NPR reported Monday, citing U.S. officials. The move follows weeks of diplomatic engagement between the two countries, including talks in Switzerland and a broader ceasefire agreement announced in mid-June.
MSI previously reported that the Treasury Department authorized Iranian oil sales for 60 days after negotiations in Switzerland, part of a series of steps toward de-escalation following months of military confrontation. The authorization allows Iran to sell its oil freely — without the restriction of selling at discounted prices or through intermediaries — mirroring the terms under which Saudi Arabia, Iraq, and other Gulf states export their crude.
The U.S. had previously imposed a naval blockade on Iranian ports and enforced strict oil sanctions as part of its military campaign against Iran, which began in March. The temporary lifting of oil sanctions marks a significant shift in U.S. economic pressure on Tehran.
The 60-day window aligns with the duration of the ceasefire framework announced by President Trump and Iranian officials on June 14, under which both sides agreed to halt hostilities and pursue negotiations on a permanent settlement.