U.S. Grants 60-Day Iranian Oil Sanctions Waiver After First Day of Peace Talks, With Conditions and Disputes Remaining

The United States waived sanctions on Iranian oil for 60 days after the first day of direct talks with Iran aimed at a peace deal, Al Jazeera reported on June 23, 2026. The waiver frees an estimated 67 million barrels of Iranian oil stored on tankers in the Gulf. Direct talks followed the signing of a Memorandum of Understanding between the two sides last week.

The parties also set up a communication line on the Strait of Hormuz to ensure safe passage for commercial vessels. -Israeli attacks began at the end of February. A joint statement from mediators Qatar and Pakistan on Monday said chief negotiators will report regularly to a High Level Committee and lead working groups on nuclear, sanctions, and monitoring issues.

Iranian Foreign Minister Abbas Araghchi wrote on X that sanctions on oil exports and petrochemical sales had been waived and a number of frozen assets released. The two sides disagree on other points. Iranian state media reported on Tuesday that the U.S.

Had agreed to release $12 billion in frozen assets, a figure Washington has not confirmed. Iran’s top negotiator Mohammad Bagher Ghalibaf said an agreement on the funds had been reached, while U.S. Vice President JD Vance said any unfrozen assets would be used to buy U.S.

Agricultural products. President Donald Trump stated on Monday that unfrozen money would be used exclusively to buy food from U.S. farmers, including corn, soybeans and wheat. -controlled escrow and will be used only for U.S.

Food and medical supplies. Iranian Foreign Ministry spokesman Esmaeil Baghaei said the assets will be released with absolute liberty for Iran to purchase whatever goods it needs. On nuclear inspections, Vance stated on Monday that Iran would allow International Atomic Energy Agency inspectors back into the country.