US Temporarily Lifts Sanctions on Iranian Oil, Easing Strait of Hormuz Strain

The US Treasury has announced a temporary suspension of sanctions on Iranian crude oil and related products until 12:01 a.m. EDT on August 21, 2026. This measure allows Iran to produce, sell and transport oil freely during the period. Officials say the move supports ongoing diplomatic talks aimed at ensuring safe, uninterrupted passage through the strategic Strait of Hormuz. Iran’s agreement to host International Atomic Energy Agency inspectors was cited as a key factor in the decision. The suspension is designed to reduce regional tensions and stabilise global energy markets. It will be reviewed before the 2026 deadline based on progress in bilateral negotiations.

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