U.S. issues sweeping Iran oil sanctions waivers, unlocking billions in revenue for Tehran

The Brugge oil tanker anchored off the Port of Long Beach in Long Beach, California, US, on Thursday, May 7, 2026. Tim Rue | Bloomberg | Getty Images The U.S. has issued a sweeping rollback of sanctions on Iranian oil, allowing dollar-denominated trade for the first time in more than four decades, as Washington and Tehran press on with fragile talks toward a permanent peace deal. The U.S. Treasury on Monday issued a wide-ranging 60-day exemption allowing Iran to produce and sell crude oil, petrochemical and petroleum products in U.S. dollars through Aug. 21. Under the so-called General License X, vessels and entities previously subject to U.S. sanctions are also cleared for transactions. The waiver also theoretically reopens the door to U.S. imports of Iranian crude, a trade which has effectively collapsed since the 1990s under the weight of heavy sanctions, according to the U.S. Energy Information Administration . The move on Monday marks the most sweeping rollback of American oil sanctions against Iran since the 1979 Islamic Revolution , reversing years of pressure designed to cripple Iran's economy, and is expected to deliver billions in oil revenue for the Iranian regime. …