On June 22, 2026, the US Treasury issued a 60-day license permitting the production, sale, and delivery of Iranian oil.
What the oil waiver actually does
The license is not a full sanctions lift.
The waiver builds on a 30-day window issued in March 2026, which was estimated to unlock roughly 140 million barrels of Iranian crude.
The economic relief this provides Tehran is real. Billions in potential oil revenue flow from a policy that is, on paper, still called maximum pressure. Washington’s position is that the relief is performance-based, contingent on progress toward nuclear dismantlement and keeping the Strait of Hormuz open for shipping.
