The US has temporarily allowed the sale of Iranian oil: how will this affect prices?

Dmitry Petrovsky17:25, 22.06.26

Iran has committed to ensuring free and open transit in the Strait of Hormuz.

The US Treasury Department has issued a 60-day license to produce, supply and sell Iranian oil , US Treasury Secretary Scott Bessent said on the X network .

Hands holding a mixture of oil and water, with an inset image depicting cash bills.

According to him, as part of the ongoing fruitful talks in Switzerland, Iran has committed to ensuring free and open transit in the Strait of Hormuz and allowing International Atomic Energy Agency (IAEA) inspectors to enter its country.

“As part of this agreement, the Ministry of Finance issued a temporary 60-day general license authorizing the production, supply and sale of Iranian oil,” Bessent said.

It should be noted that this decision will increase the global supply of oil in the world, and will also help calm the markets and reduce the price of “black gold”.

(c)UNIAN 2026

8 comments

  1. “According to him, as part of the ongoing fruitful talks in Switzerland, Iran has committed to ensuring free and open transit in the Strait of Hormuz and allowing International Atomic Energy Agency (IAEA) inspectors to enter its country.”

    Last I heard the Iranians walked out after TACO threatened them again.

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