US permits Iranian oil sales for 60 days

The Treasury Department of the United States on Monday temporarily authorized Iranian oil sales.  

The US authorities eased decades-old sanctions for 60 days as it pushes toward a final peace deal with Tehran in return for commitments on nuclear inspections and free transit through the Strait of Hormuz.

The general license, announced by the Treasury Department, allows the sale of crude oil and petrochemical and petroleum products of Iranian origin through August 21.

The license says Iranian oil can be imported into the US when necessary to complete its sale, delivery or offloading. The US has not meaningfully ⁠imported Iranian oil since Washington imposed measures after the 1979 revolution.

“In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country,” Treasury Secretary Scott Bessent wrote on X.

“As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery and sale of Iranian oil.”

Under a memorandum of understanding signed last week between Washington and Tehran, the US agreed to issue waivers for the export of Iranian crude oil, petroleum products and derivatives, and all associated services, including banking transactions, insurances and transportation.