U.S. Issues 60-Day Waiver Allowing Limited Iranian Oil Sales
The United States Treasury granted a temporary license for the production, delivery and sale of Iranian oil to the U.S., part of a memorandum of understanding reached with Tehran in mid-June.
The U.S. Treasury Department issued a 60-day general license on Monday that permits the production, delivery and sale of Iranian crude, petrochemical and other petroleum products to the United States. The waiver, which runs until August 21, is a provision of the memorandum of understanding signed by Washington and Tehran on June 17 and does not cover transactions involving North Korea, Cuba or Russian-occupied Ukraine.
Treasury Secretary Scott Bessent said the talks between the two sides have been "productive" and noted that Iran has agreed to allow free transit through the Strait of Hormuz and to permit International Atomic Energy Agency inspectors into the country. He posted the details on social media.
Vice President JD Vance, speaking in Switzerland, said the discussions have laid a "very good foundation for a successful final deal" and indicated that conversations with the IAEA could begin as early as Monday. He did not provide a specific timeline for nuclear inspections.
Following the announcement, Brent crude prices fell more than 3.5 percent to $77.7 a barrel. Shipping data showed an increase in tanker traffic through the Strait of Hormuz, with several LNG carriers and supertankers transiting the waterway, although daily crossings remain below pre-conflict levels.
No immediate comment was received from Iranian officials.
