US temporarily lifts Iran oil sanctions for 60 days

The United States has temporarily lifted sanctions on Iranian oil exports for 60 days. This move allows Iran to export crude oil again after exports had hit a five-year low. The waiver is seen as a significant concession by the US, and it also requires nuclear inspectors to return to Iran.

For countries like India, which rely on Iranian oil, this decision provides some relief. However, the US has acknowledged that fully undoing the complex web of Iran sanctions will not be easy or quick. Meanwhile, Iran has also reported a cyberattack on its card-based banking system affecting three lenders.