US waives Iran oil sanctions for two months

The US government on Monday formally waived oil sanctions on Iran for a period of two months — as nuclear talks continued with Iranian officials in Switzerland.

The Treasury Department notice says the waiver lasts through Aug. 21.

Commercial vessels seen in the Strait of Hormuz on June 17, 2026. Anadolu via Getty Images

A view of the Port of Kharg Island Oil on March 12, 2017. Getty Images

Although the sanctions waiver could in theory net Iran $60 billion annually, Vice President JD Vance defended the looming action last week, saying that the sanctions were difficult to enforce before the war and did not impede Iran’s exports, which largely go to China.