US Eases Iran Oil Sanctions 60 Days; $12bn Funds
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- US Treasury waived sanctions on Iranian crude oil, petrochemicals, and petroleum products until August 21, after Tehran committed to allowing international nuclear inspectors to return during Switzerland negotiations.
- Iranian negotiator Mohammad Bagher Ghalibaf confirmed an agreement to release $12bn in frozen Iranian funds in two $6bn tranches, hailing "good achievements" in the US-Iran talks.
- Trump said the Strait of Hormuz would remain open "with no further Naval Blockade" and claimed released Iranian funds would buy US farm products — a claim Central Bank of Iran Governor Abdolnaser Hemmati denied, saying Iran has "no obligation to buy" US agricultural goods and the deal permits only "basic goods and medicine."
- Omani Foreign Minister Badr Albusaidi reaffirmed "toll-free passage" in the Strait of Hormuz after talks in Muscat, and Iranian President Masoud Pezeshkian arrived in Islamabad for an official Pakistan visit alongside Foreign Minister Abbas Araghchi.
- Democrats on the House Foreign Affairs Committee accused Trump of granting Iran "sweeping sanctions relief it has dreamed of for decades" before addressing the nuclear program or "terrorist proxies," while the next phase of talks moves to a "high-level committee" that includes Ghalibaf, Araghchi, and US Vice President JD Vance.
- Israeli troops killed two people in Nabatieh al-Fawqa in southern Lebanon, with Hezbollah calling it a "blatant violation" of the ceasefire and deputy political council head Mahmoud Qamati warning the group is "ready to confront any violation" as Israel and Lebanon prepared for direct talks in Washington.
Why it matters: The US is handing Iran tangible economic relief — a 60-day oil export waiver and $12bn in frozen funds — before securing any concrete nuclear concessions, drawing Democratic accusations that Trump delivered "sweeping sanctions relief it has dreamed of for decades." Hemmati's public denial of Trump's spending claim signals Tehran intends to set its own terms on how the money is used, undermining the White House's stated conditions.
