finance
Trump Issues 60-Day Waiver on Iranian Oil Exports After Threatening Military Action
President Trump granted a 60-day waiver allowing purchases of Iranian crude and products through August 21. Brent crude traded between $77 and $79 per barrel on June 23 amid the developments.
Jun 23, 12:00 PM·2m read2 sources
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President Trump announced a 60-day waiver on all Iranian crude and product exports on June 23, 2026. -based firms, to purchase Iranian oil and refined products through August 21. ICE Brent crude traded at $77-78 per barrel the same day, with one report placing the morning price at $79.
OilPrice.com reported that the waiver has not triggered a price collapse, as market participants question the level of buying interest from non-Chinese refiners. US-Iran talks began this week in Switzerland. Mediators described the discussions as showing “encouraging progress,” according to the BBC, and “major progress,” according to Bloomberg.
The diplomatic steps include a communication line to ensure safe ship transits through the Strait of Hormuz and a de-confliction cell to reduce fighting between Hezbollah and Israel. President Trump twice threatened to restart military action against Iran in the 24 hours before June 23. OilPrice.com reported that traders are focusing more on the Swiss talks than on the threats.
Additional energy developments reported on the same day include ExxonMobil’s planned re-domicile from New Jersey to Texas effective July 1, 2026. Saudi Aramco is seeking to divest a stake in its sulphur business for approximately $7 billion. Shell signed a memorandum of understanding with Gabon for a deepwater exploration block after a seven-year absence from the country.
Murphy Oil announced an offshore discovery in Côte d’Ivoire at the Bubale-1X well, which encountered 30 meters of net pay 40 miles off the coast. Azule Energy, the ENI-BP joint venture, took a final investment decision on the Greater PAJ offshore project in Angola, with first oil from five fields in Blocks 31 and 31/21 expected in the first half of 2029. The U.S.
