The United States has temporarily suspended sanctions on Iran’s oil production, sales, and delivery, allowing the Islamic Republic to export crude and related products until August 21.
The US Treasury Department announced the 60-day waiver on Monday, marking a significant de-escalation in tensions and removing a persistent supply constraint from the global energy market.
Global energy markets reacted swiftly to the news, with oil prices falling sharply as traders priced in the return of Iranian supply.
Brent crude and WTI benchmarks both declined in the session, reflecting the immediate impact of the policy shift on supply expectations.
The sell-off underscores how heavily markets have been discounting the risk of Iranian supply disruption.
This development follows brief nuclear talks between Iran and the US in Switzerland earlier this week, which did not result in immediate negotiations but signaled a willingness to engage.