U.S. Grants 60-Day Waiver on Iran Oil Sanctions Amid Negotiations
The United States has issued a temporary license allowing Iranian oil sales for 60 days, citing progress in talks on nuclear inspections and the Strait of Hormuz, while officials say a foundation for a final agreement has been laid.
The U.S. Treasury Department issued a general license that temporarily lifts sanctions on Iranian oil, permitting production, delivery and sale of the commodity until Aug. 21. Treasury Secretary Scott Bessent said the move reflects "ongoing productive talks" in Switzerland, in which Iran pledged to allow free transit through the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors back into the country.
U.S. Vice President JD Vance, speaking at the Bürgenstock Resort in Switzerland, said Iran had agreed to invite IAEA inspectors and described the development as a "major milestone" and the first step toward permanently ending Iran’s nuclear weapons program. Vance added that the parties had laid a "successful foundation" for a final deal, though he cautioned that the full agreement had not yet been built.
Iran’s foreign ministry acknowledged a brief discussion on the nuclear issue but did not confirm any new commitments. The talks, mediated by Switzerland and Pakistan, also covered de-escalation mechanisms to prevent further fighting between Israel and Hezbollah in Lebanon.
Oil markets responded to the news, with Brent crude falling more than 1% to around $79.70 a barrel. Analysts noted that while the waiver signals optimism, the broader U.S.–Iran peace process remains fragile and subject to potential setbacks.
