Foreign Trade
U.S. Treasury Suspends Restrictions on Iranian Oil and Tankers for 60 Days
Treasury Secretary Scott Bessent announced a sweeping 60-day suspension of nearly all restrictions on Iran's oil industry, effective until 12:01 a.m. Eastern Daylight Time on August 21. The General License authorizes production, delivery, and sale of Iranian oil and petrochemical products, covering vessels previously blocked and permitting U.S. dollar-denominated payments to Iran. Following the blockade's end, TankerTrackers.com reported Iran exported nearly 18 million barrels ($1.44 billion) in the first five days, rising to 36 million barrels.
