US lifts Iran’s oil sanctions and allows dollar trade for the sales

The United States has temporarily eased sanctions on Iran’s oil industry, allowing Tehran to sell crude and petrochemical products in US dollars for the first time in more than 40 years. 

The 60-day waiver marks the biggest rollback of US oil sanctions since the 1979 Islamic Revolution. 

The move follows progress in US-Iran peace talks and could unlock about 67 million barrels of Iranian crude, potentially generating $8 to $9 billion in revenue for the country. 

The exemption also allows Iran to receive payments directly through its central bank, reducing banking hurdles. 

The move came as Vice President JD Vance praised weekend talks in Switzerland. He also said Iran had agreed to allow UN inspectors to return to its nuclear sites. However, Iran’s Foreign Ministry denied making any new commitments on inspections.

China, which buys around 90% of Iran’s oil exports, is expected to increase purchases, although buyers are still reviewing the new rules before making large deals.