U.S. Grants 60-Day Waiver Allowing Iran to Sell Oil in Dollars

Washington issued a 60-day general license on Monday that temporarily lifts sanctions on Iranian crude, petrochemical and petroleum product transactions in U.S. dollars, effective through Aug. 21. The exemption, known as General License X, clears vessels and entities previously barred by U.S. sanctions and could reopen the market for U.S. imports of Iranian oil, which have been virtually nonexistent since the 1990s, according to the U.S. Energy Information Administration.

Analysts estimate the waiver could free up about 67 million barrels of Iranian crude stranded in the Gulf, potentially delivering $8-9 billion in revenue. "Production, sales, dollar payments, petrochemicals and protected shipping — all switched on at once," said Miad Maleki, a former Treasury sanctions official now with the Foundation for Defense of Democracies.

President Donald Trump defended the decision, stating that any oil earnings should be used by Iran to purchase American agricultural products rather than fund its military. The waiver follows a memorandum of understanding signed last week and positive talks in Switzerland aimed at a broader peace agreement.

Recent maritime data show Iranian exports rose to 6.79 million barrels last week, the highest in two months. With dollar clearing authorized, analysts expect Chinese buyers, who account for roughly 90 % of Iran’s oil sales, to increase purchases before the exemption expires. The license also allows Iran to receive proceeds directly into its central bank, reducing reliance on shadow-banking channels.

Some market participants note that buyers will need time to complete compliance reviews, but anticipate heightened interest if pricing and cargo availability are favorable. Iran is expected to use the window to repair war-damaged facilities and secure longer-term contracts, a development described as a significant boost to its economy.