For a period of 60 days, the United States is temporarily lifting sanctions on Iranian oil. This is the first time in decades!

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The U.S. government announced a temporary lifting of decades-long sanctions on Iranian oil, allowing it to trade crude in U.S. dollars and export to American buyers. This historic concession marks a major turning point in Middle Eastern geopolitics and the global energy market landscape.

On June 23, according to reports from Xinhua News Agency and CCTV News, the U.S. Treasury Department has issued a 60-day general license, fully exempting Iranian crude oil and petrochemical production and sales from sanctions, while Iran confirms the immediate unfreezing of US$12 billion in overseas assets. According to The Wall Street Journal, U.S. Vice President JD Vance revealed that, in exchange, Iran has agreed to allow international inspectors to return to its nuclear facilities, although Tehran has yet to publicly acknowledge this concession.

Analysts point out that this policy reversal has direct and far-reaching implications for global investors and the crude oil market. The exemption not only effectively legalizes Iran’s massive “shadow fleet,” but also allows entities such as the Central Bank of Iran to bypass anti-terrorism sanctions and receive U.S. dollar payments.

However, major differences remain in the nuclear issue negotiations. Iran’s domestic hardliners have openly opposed allowing inspectors to return, and whether a final agreement can be reached remains uncertain. Meanwhile, whether the de-escalation mechanism between Hezbollah in Lebanon and Israel can be effectively implemented remains the core risk determining the long-term viability of this agreement.

Exemption Details and Oil Market Reshaping

The depth and breadth of this sanction relief have exceeded market expectations.

According to Xinhua News Agency, U.S. Treasury Secretary Bessent announced that as part of the negotiation framework, the U.S. Treasury Department's Office of Foreign Assets Control has authorized the production, delivery, and sale of Iranian oil. The exemption is valid until August 21, 2026, and even allows for the import of Iranian crude oil and oil products into the United States.

According to the Wall Street Journal, the core breakthrough of this formal exemption is permission for Iran to settle in U.S. dollars. This means that Iranian banks can directly receive payments from overseas, greatly alleviating the country’s urgent need for foreign exchange.

Miad Maleki, former senior sanctions official at the Foundation for Defense of Democracies, said, this exemption also lifts sanctions on entities such as the Central Bank of Iran, representing “a fundamental departure from the Iranian sanctions framework established by Congress over the past two decades.”

The suspension of sanctions has directly altered trading flows in the crude oil market. According to The Wall Street Journal, Hamid Hosseini, spokesperson for the Tehran Oil Exporters Association, said that after the exemption was announced, European traders have proactively contacted Iran to purchase crude oil, but so far, no U.S. companies have done so.

Fund Unfreezing and Bilateral Implementation Mechanisms

In terms of economic reconstruction and fund arrangements, both sides have established clear implementation pathways.

CCTV News reported that Iran’s Deputy Foreign Minister Gharibabadi disclosed that all parties agreed to immediately start the arrangements for unfreezing a total of $12 billion in frozen funds, to be divided into two installments of $6 billion each.

To ensure the agreement is carried out, the U.S. and Iran agreed to establish four working groups under the supervision of a high-level committee—responsible for sanctions relief, nuclear issues, reconstruction and economic development, and oversight and enforcement. Committee members include the Speaker of the Iranian Parliament, Iran’s Foreign Minister, the U.S. Vice President, as well as the Prime Ministers of Pakistan and Qatar.

Regarding the use of unfrozen funds, according to The Wall Street Journal, Vance made it clear that the billions of dollars in Iranian funds stored in Qatar must be used to purchase U.S. food and agricultural products. He emphasized, “These funds will make American farmers richer and feed the Iranian people, a very classic Trump-style deal.”

Verification Disputes and Nuclear Program Gaming

Although economic sanctions have been greatly eased, the core disagreements over the nuclear issue remain a Sword of Damocles hanging over the market. According to reports, Vance announced that Iran had invited International Atomic Energy Agency (IAEA) inspectors to return and called this the first significant milestone toward permanently ending Iran’s nuclear weapons program.

However, this statement was quickly met with domestic opposition in Iran. Citing Iranian state media, officials familiar with the negotiations stated Tehran had not negotiated on the nuclear issue or accepted any new commitments.

Tasnim News Agency, which is associated with the Islamic Revolutionary Guard Corps, bluntly stated that allowing inspectors to conduct new visits “violates the memorandum of understanding and is highly destructive.”

IAEA Director General Rafael Grossi’s core demand is for inspectors to enter damaged nuclear facilities such as Natanz, Fordow, and Isfahan, which were attacked by the U.S. and Israel last year.

The report noted, access to these sites is critical for assessing the extent of the damage and identifying Iran’s stockpile of highly enriched uranium. Washington demands that Iran abandon its stockpile of highly enriched uranium, while Iran insists on its right to enrichment; this fundamental contradiction awaits resolution by technical teams.

Turbulent Negotiations and Trump’s Warning of Force if Agreement Is Breached

According to reports, the Swiss negotiations were not smooth. About 36 hours before the exemption order was announced, talks came under pressure: fighting continued between Israel and Lebanon’s Hezbollah, and Iran announced the closure of the Strait of Hormuz, raising tensions sharply.

Trump then issued threats on social media. The Iranian delegation briefly suspended direct negotiations with the U.S. and instead maintained contact via mediators. "They did threaten to withdraw, but they didn’t," Vance said.

At the White House, Trump made it clear that if Iran fails to comply with the memorandum of understanding, the U.S. will attack again, even at the risk of triggering a global economic collapse. “Nuclear weapons outweigh recession,” Trump said. “Recession is bad, but nuclear weapons cause recession much faster.”

Before leaving Switzerland, Vance gave an overall assessment of the negotiations: “We have laid a very good foundation for a successful final agreement. I think we should all recognize how much has been achieved, but, frankly, there is still a lot of work to do.” He stated that technical teams would remain locally to continue follow-up negotiations.

According to The Wall Street Journal, the ultimate direction of the nuclear issue—Washington’s demand that Iran abandon its highly enriched uranium stockpile, while Tehran insists on its right to uranium enrichment—remains the core variable determining whether a comprehensive agreement can be reached.

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