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US, Iran Sign MOU, Waive Oil Sanctions, Reopen Hormuz

6/23/2026

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Summary

Story summary

The United States and Iran signed a 14-point MOU to reopen the Strait of Hormuz and lift sanctions on Iranian oil.
Kpler recorded 25 crossings on 18 June, 15 on 22 June and five on 21 June after Iran announced another closure.
Treasury Secretary Scott Bessent announced a 60-day waiver of sanctions on Iranian oil, helping push U.S. crude to $74 a barrel as oil and natural-gas flows returned to normal, per Energy Secretary Chris Wright.

History

Historical Context

After the P5+1 and Iran signed the Joint Comprehensive Plan of Action in Vienna on 14 July 2015, multilateral sanctions on Iran’s oil were lifted and its export capacity rose sharply. Building on that framework, Treasury officials and Iranian authorities negotiated a 14-point memorandum this week that temporarily waives oil sanctions, aiming to reopen the Strait of Hormuz and ease crude prices.

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Story summary

The United States and Iran signed a 14-point MOU to reopen the Strait of Hormuz and lift sanctions on Iranian oil.
Kpler recorded 25 crossings on 18 June, 15 on 22 June and five on 21 June after Iran announced another closure.
Treasury Secretary Scott Bessent announced a 60-day waiver of sanctions on Iranian oil, helping push U.S. crude to $74 a barrel as oil and natural-gas flows returned to normal, per Energy Secretary Chris Wright.

1 / 2