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What US waiver on Iran oil sales means for India
Mint New Delhi
|June 24, 2026
The US has waived sanctions on Iran's petroleum sales for 60 days as talks continue on a final peace deal, a move seen boosting global energy supplies. Given Iran's proximity to India and its importance to major buyers such as China, Mint assesses what the measure means.
1 What exactly is the US relief on Iran oil about?
The Office of Foreign Assets Control under the US Department of Treasury has issued a 60-day licence for production, delivery and sale of crude, petrochemicals and petroleum products of Iranianorigin till 21 August 2026. Earlier, amid the West Asia war-led global crunch, the US had waived sanctions on sale of seaborne Iran oil for 30 days from 20 March. The US says the latest move comes amid peace talks in Switzerland as Iran has agreed to free and open transit in the Strait of Hormuz and to allow International Atomic Energy Agency inspectors' entry. It also said Iranian suppliers can be paid in US dollar-denominated funds.
2 How will the Iran oil waiver lift oil markets?
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