US waives sanctions on Iranian crude oil, petroleum products for 60 days

Treasury Secretary Scott Bessent cited Iran's commitment to keeping the Strait of Hormuz open to shipping and permitting IAEA inspections as key factors behind the sales authorization.

Brent crude, the international benchmark, dropped more than 3% and stood below $77.50 a barrel at 9:57 a.m., while West Texas Intermediate, the U.S. benchmark, fell 2.77% and clocked in at $73.77 at the same time.

Iran stands to reap significant financial rewards from the reprieve, which represents a sharp reversal of American policy.

The US cited progress in talks with Tehran on allowing nuclear inspections and opening the Strait of Hormuz in temporarily lifting oil sanctions.