The move marks one of the most dramatic shifts in US policy toward Iran since the 1979 Islamic Revolution and follows the recently signed US-Iran Memorandum of Understanding.
Treasury Secretary Scott Bessent presented the measure as part of the administration's effort to implement the agreement while negotiations continue toward a broader settlement.
Under the waiver issued by the Treasury Department, Iran will be allowed to produce, sell and transport crude oil, petroleum products and petrochemicals through August 21 while negotiations continue.
The authorization also permits payments in US dollars and allows Iranian oil and petroleum products to be imported into the United States. It effectively suspends key restrictions on Iran's energy sector that had been in place for years under both primary and secondary sanctions.
The Treasury Department said the waiver covers shipping, insurance, vessel management, registration and other services necessary to facilitate oil trade, while suspending restrictions under a range of sanctions authorities that have constrained Iran's energy exports for decades.
For years, Iran has built an extensive sanctions-evasion network to keep its oil flowing to international markets. The system relies on a large "shadow fleet" of tankers, ship-to-ship transfers, intermediaries and opaque financial arrangements designed to conceal the origin and destination of Iranian crude.
Oil exports remain the backbone of Iran's economy and a critical source of government revenue. By allowing Iranian crude and petroleum products to be sold more openly and through conventional financial channels, the waiver provides one of the strongest economic incentives yet for Tehran to convert the current understanding into a permanent deal.
Iranian officials portrayed the move as evidence that negotiations were delivering tangible economic benefits.
Parliament Speaker and chief negotiator Mohammad Bagher Ghalibaf said Iran had also secured an agreement on the release of frozen assets.
"In Switzerland we agreed on the release of $12 billion in frozen assets," Ghalibaf said in remarks carried by state media.
He also argued that the negotiations had helped reduce violence in Lebanon, one of the most contentious issues during the talks.
"Since we entered the Swiss negotiations, we have seen that the enemy's fire against Lebanon has stopped and a large part of the people have returned to their homes," he said.
Ghalibaf said Iran would continue pursuing its objectives in Lebanon through the diplomatic process.
"With the decision made in Switzerland, we will achieve the territorial integrity and national sovereignty of Lebanon in these talks, and we will not abandon it until we achieve a result."
His remarks are likely to fuel criticism from opponents of the agreement, who argue Washington has granted sweeping economic concessions before securing major commitments from Tehran on its nuclear program or regional activities.
Critics have pointed in particular to the scale of the sanctions relief and the release of frozen assets, arguing that the administration is moving ahead with incentives while many of the most difficult issues remain unresolved.
Supporters of the agreement, meanwhile, argue that the measures are intended to build momentum for negotiations, secure nuclear inspections and reduce the risk of renewed conflict in the region.
