New Delhi, June 23 -- The waiver of US sanctions on Iranian oil and petroleum products sales for 60 days amid talks for a final peace deal is expected to boost supplies in the energy market. Given its proximity to India and high global demand including from major consumers like China, Mint assesses the impact of the temporary measure.

The US Department of the Treasury issued a 60-day general licence authorizing the production, delivery and sale of crude oil and petroleum products of Iranian origin until 21 August 2026. Amid the war in West Asia and the global supply squeeze, the US had earlier waived sanctions on the sale of seaborne Iranian oil for 30 days starting 20 March.

The lifting of the sanctions is expected to ease global suppl...