NEW YORK, June 23 (ANI) — The United States has temporarily lifted sanctions on Iranian oil and petrochemical exports, a move that will allow Tehran to transact freely with international trading partners and receive payments in U.S. dollars.
“Oil and petrochem exports are waived, blockade lifted, some frozen assets released, and a major reconstruction and development plan launched for Iran,” Iranian Foreign Minister Seyed Abbas Araghchi said in a social media post.
The easing of sanctions will remain in effect for 60 days, through Aug. 21, 2026. The waiver will continue alongside discussions between the United States and Iran on a durable peace agreement following the signing of a memorandum of understanding that ended hostilities and led to the reopening of the Strait of Hormuz.
The lifting of sanctions is expected to provide significant relief for Iran, allowing it to directly fulfill export orders through financial intermediaries that had previously been reluctant to participate because of concerns over U.S. penalties. The sanctions relief covers banking, insurance, and shipping activities linked to Iranian oil exports.
Iranian crude exports are also expected to become more competitive as transaction and transportation costs decline.
China is likely to be among the biggest beneficiaries of the move. Despite previous sanctions, China remained the largest importer of Iranian oil, often purchasing crude at discounted prices because of limited global demand. With sanctions temporarily lifted, China can make direct payments to Iran and potentially increase its strategic oil reserves.
Crude oil prices, which fell more than 3 percent on Monday, extended their decline on Tuesday as expectations of increased supply and muted demand from China weighed on the market. Brent crude traded at approximately $77.70 per barrel, while U.S. West Texas Intermediate crude stood at about $73.90 per barrel.
The sanctions relief also opens the possibility of Iranian oil being imported into the United States, something that has not occurred in decades. The waiver allows Iran to generate substantial revenue through unrestricted sales of oil and petroleum products. However, President Donald Trump said funds generated from oil sales and the release of frozen assets would be used to purchase American corn and soybeans.
Iranian crude exports through the Strait of Hormuz increased even as Washington and Tehran negotiated a peace agreement. According to maritime intelligence firm Windward, 6.79 million barrels departed the Middle East Gulf during the week of June 15, the highest weekly volume recorded since May 1.
While the reopening of the Strait of Hormuz may ease pressure on global energy markets, the situation remains closely tied to the outcome of ongoing U.S.-Iran peace negotiations. Iran is expected to use the 60-day window to secure long-term contracts for its oil and petrochemical exports. (ANI)
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