The United States has issued a temporary waiver for the sale of Iranian oil, a move that has cooled market fears of a supply disruption and brought a sense of calm to crude prices.

This development follows heightened expectations of Iranian crude returning to the global market. Concurrently, there are reports that Iran has agreed to accept weapons inspections, a factor contributing to the diplomatic progress.

Despite this easing of tensions, some analysts, such as those at Barclays, maintain their forecast for Brent crude to reach $100 per barrel. However, the prospect of a broader agreement with Iran has recently pushed oil prices close to the $80 per barrel mark.

According to international media reports, the US Treasury Department issued a two-month waiver on June 22nd, authorizing the production, delivery, and sale of Iranian petroleum.

This waiver effectively exempts transactions involving Iranian crude oil, petrochemicals, and petroleum products—previously prohibited under multiple US executive orders and regulations—from sanctions until August 21, 2026.

A significant aspect of the waiver permits payments in US dollars to the Iranian government or to Iranian entities on sanctions blacklists. Such payments would otherwise be blocked under the existing sanctions regime.

US Treasury Secretary Janet Yellen stated that this exemption is the result of productive, ongoing talks between US and Iranian officials in Switzerland.

"Iran has committed to ensuring the free and open passage of vessels through the Strait of Hormuz and to allowing International Atomic Energy Agency inspectors access to its sites," Yellen posted on social media.

Previous reports indicated that, based on a recent memorandum of understanding between the US and Iran, the US committed to issuing waivers from the Treasury Department. These waivers, effective from the signing date until sanctions are lifted, would allow for the export of Iranian crude, petroleum products, and derivatives, along with all associated banking, insurance, and transportation services.