US Waives Iran Oil Sanctions as Peace Deal Brings Major Policy Shift
The United States announced on June 22 a waiver of oil sanctions on Iran, marking one of the most significant policy shifts following the recent peace agreement between the two nations. The move signals a dramatic departure from Washington’s maximum pressure strategy and is expected to substantially increase global crude oil supply.
According to Yahoo Finance, the Treasury Department’s Office of Foreign Assets Control (OFAC) has issued licenses permitting specific entities to purchase and transport Iranian crude oil. This represents the first major concession on energy sanctions since the conflict escalated in early 2026.
Iran is estimated to have approximately 2 million barrels per day of idle production capacity. A full return to international markets could significantly alter the global crude supply-demand balance and ease inflationary pressures worldwide.
Meanwhile, Vice President Vance and Iranian state media issued conflicting statements regarding access for UN nuclear inspectors, highlighting that implementation disputes remain even as the broader diplomatic framework takes shape.
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