United States suspends sanctions on Iranian oil until August 21

The United States Department of the Treasury officially issued a general license suspending sanctions on Iranian oil, petrochemicals, and petroleum products until August 21. This decision follows a memorandum of understanding signed between Washington and Tehran on June 18. Under the new guidelines, all previously prohibited transactions related to the production, sale, transportation, and importation of Iranian hydrocarbons into the U.S. are now permitted. The authorization covers associated services, including banking, insurance, and shipping. However, the waiver does not extend to transactions involving North Korea or Cuba. Iranian diplomat Abbas Araghchi confirmed that exports are no longer restricted following negotiations in Switzerland. In response to the announcement, global oil prices experienced a decline, with Brent crude trading at approximately 77.80 dollars per barrel. The suspension remains in effect until 00:01 Washington time on August 21.