Photo: Alamy
The United States this week issued a temporary 60-day license allowing the delivery and sale of Iranian oil as peace talks with the Middle Eastern regime continue to progress amid a standing preliminary agreement.
“Under President @realDonaldTrump and @VP, we continue to make the world safer and more prosperous,” said Treasury Secretary Scott Bessent in a social media statement.
He continued, “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. As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil.”
The license is valid until August 21, 2026, according to the Treasury’s Office of Foreign Assets Control.
According to the license, Iran will be allowed to import oil into the United States during this timeframe. Any such payments to Iran may also be made in U.S. currency.
Iranian sales of petrochemical products and crude may not be made to Cuba, occupied Ukraine, or North Korea, per the wording of the license.
This comes amid Vice President J.D. Vance and the U.S. negotiating team’s talks with Iran in Switzerland. The easing of sanctions on Iranian crude appears to be a gesture of good faith as the U.S. continues to apply pressure to incentivize the Iranians to keep the Strait of Hormuz open for business.
Before departing to return to the United States, Vance spoke to reporters about the developments in the peace talks, including Iran’s purported agreement to allow nuclear inspectors back into the country.
“You can’t trust anybody’s words—you have to trust what they actually do,” he said. “Letting in the inspectors is a big deal—but again, we’re going to see what they actually let the inspectors do once they’re in the country. That’s going to continually be a part of our negotiation.”
The United States and Iran last week signed a memorandum of understanding that established a 60-day timeline to work out the details of a long-lasting agreement between the two nations.