U.S. lifts sanctions on Iranian oil | 22 June 2026 | The U.S. has issued a temporary sanctions waiver for Iran’s oil sector, authorizing the production, sale, delivery, and import of Iranian crude oil and petrochemicals, the Treasury Department has said. The announcement comes as negotiations between Washington and Tehran continue following the first round of talks in Switzerland over the weekend. Iran General License X authorizes “the production, delivery and sale of crude oil, petrochemical products, and petroleum products of Iranian origin” for a 60-day period, Treasury Secretary Scott Bessent said on X on Monday. The license also covers services linked to the energy trade, including vessel management, insurance, crewing, bunkering, classification, and emergency repairs.