U.S. authorizes 60-day sale of Iranian crude oil following peace talks progress

The U.S. Treasury Department has granted a 60-day general license permitting the sale of Iranian oil, a move signaling a potential easing of tensions. This decision comes on the heels of what the U.S. administration described as productive peace negotiations held in Switzerland. A key factor in this development is Iran's commitment to guaranteeing safe passage through the critical Strait of Hormuz.

This temporary authorization, effective until August 21, opens a window for activities related to the production, sale, transport, and import of Iranian crude oil, petrochemicals, and other petroleum derivatives. It is important to note that this license operates despite the continuation of most major economic sanctions imposed on Tehran.

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In line with the productive conversations taking place in Switzerland, Iran has committed to ensuring free and open transit in the Strait of Hormuz and to allowing the entry of International Atomic Energy Agency (IAEA) inspectors into its territory.

Secretary of the Treasury Scott Bessent announced the resolution via X, explaining it is part of a memorandum of understanding between the two nations aimed at paving the way for a final peace agreement. Bessent stated, "In line with the productive conversations taking place in Switzerland, Iran has committed to ensuring free and open transit in the Strait of Hormuz and to allowing the entry of International Atomic Energy Agency (IAEA) inspectors into its territory."

U.S. Vice President JD Vance, speaking from Bürgenstock, Switzerland, confirmed progress in the negotiations with the Iranian delegation. He reiterated Iran's commitment to the open transit of the Strait of Hormuz and the admission of IAEA delegates. This development follows the U.S. lifting its naval blockade on Iran's ports and coastlines, previously implemented in April to exert economic pressure. Before the blockade, Iran exported over 1.5 million barrels of crude oil daily; by May, this figure had dropped significantly to 260,000 barrels per day.

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during the meetings on Sunday, progress was made in negotiations with the Tehran representation, ratifying the opening of the Strait of Hormuz and the entry of IAEA delegates into Iranian territory.