Business

U.S. waives sanctions on Iranian oil, ships

Following the announcement, Brent price plunged 2% to 3% and was trading at around $77

IndiaNews16 desk The Hindu Business June 23, 2026 1 min read

U.S. waives sanctions on Iranian oil, ships — Business Image source: The Hindu Business

With the peace process moving ahead after an interruption, the U.S.

Treasury Department has issued a waiver that waives all sanctions for a period of 60 days ending August 21 related to the production, sale, delivery and offloading of Iranian crude oil as well as petroleum products.

The waiver includes transactions involving vessels that were earlier sanctioned, as per the Treasury Department notification.

Following the announcement, Brent price plunged 2% to 3% and was trading at around $77.

The waiver covers financial transactions related to ship operations such as bunkering, piloting and so on.

Qatar brings LNG tankers into Hormuz despite shipping slowdown The waiver permits the import of Iranian crude, petroleum and petrochemical products to the U.S. and allows payments to be made if they are in U.S. dollar-denominated funds.

Prashant Vashisht, Senior Vice President, and Co-Group Head Corporate Sector Ratings, ICRA Ltd., commented on why this could lead to a spurt in trade in Iranian crude including by India.

“Iranian crude was historically available with a credit period of 60-90 days, as against 30 days of other crude producers, which was beneficial for refiners due to lower working capital requirements, besides which geographical proximity to India would benefit Indian refiners.”