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US temporarily lifts major Iran sanctions allowing crude oil and petrochemical sales
NewsOnAir··23 Jun
NewsOnAir reported that the Treasury issued a 60-day general license through August 21 aligned with an interim peace deal, covering banking, insurance and maritime services while prohibiting transactions involving North Korea and Cuba.
Prism
What It Means For You
- Temporary sanctions relief may lower global oil prices.
- India watches Hormuz and Iranian export flows closely.
- Deal collapse could quickly restore US restrictions.
What's Happening
- US issued a 60-day sanctions waiver for Iran.
- Oil prices dropped over 3 per cent on the news.
- Waiver runs through August 21, 2026.
Deal Conditions
- Relief covers crude and petrochemical sales.
- Tied to interim US-Iran peace negotiations.
- IAEA inspector access remains disputed.
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