US Temporarily Suspends Iran Oil Sanctions Amid Nuclear Deal Talks

The United States has temporarily suspended sanctions on Iranian oil, a move that allows Iran to produce, sell, and deliver crude oil and related products until August 21. The decision came after Vice President JD Vance announced Iran would permit UN nuclear inspectors to return to the country, a development he called a "major milestone."

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We laid a very good foundation for a successful final deal.

Following talks at Switzerland’s luxury Burgenstock resort, Vance stated that a "very good foundation for a successful final deal" had been laid. While Iranian Foreign Ministry spokesman Esmaeil Baqaei confirmed a brief discussion on the nuclear issue, he noted that no details were finalized. In Washington, President Donald Trump declared the Strait of Hormuz, a vital oil transit route, is now "totally open" to shipping, emphasizing that Iran "will never have a nuclear weapon."

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a very brief discussion took place regarding the nuclear issue, but there was no discussion of details.

The U.S. Treasury cited Tehran's commitment to "free and open transit" in the Strait of Hormuz and the permission for International Atomic Energy Agency (IAEA) inspectors to enter Iran as reasons for the sanctions pause. Vance described the potential deal as a "classic Trump deal," suggesting that if Iranian assets are unfrozen, they would be used to purchase U.S. goods, benefiting American farmers rather than funding terrorism.

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We have an open strait and we have a country that will never have a nuclear weapon.

This agreement follows a memorandum of understanding signed last week that paved the way for the Switzerland negotiations after nearly 40 days of fighting and a subsequent ceasefire. The talks aim to address long-standing issues in U.S.-Iranian relations, including Tehran's nuclear program. Inspectors had not been able to visit Iran since November after Tehran suspended some cooperation and blocked access to key nuclear sites bombed by the U.S. and Israel in 2025.

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The final deal is the house. We haven’t built the house, but we’ve laid a successful foundation to get to a good place for the American people.