US Temporarily Allows Dollar Payments for Iranian Oil, Signaling Sanctions Relief

The US has approved a temporary waiver allowing dollar payments for transactions involving Iranian oil, petrochemical products and petroleum products.

Walter Bloomberg reported on June 22 that the US Treasury Department approved the temporary exemption, which allows Iran to sell oil, petrochemical products and petroleum products in dollars through Aug. 21, 2026.

The move comes as Washington and Tehran hold talks over the Strait of Hormuz, nuclear inspections and possible relief from US sanctions on Iran.

The decision could help Iran secure more foreign currency and increase revenue from oil exports, market participants say.