US greenlights Iranian oil sales in 60-day waiver as peace talks continue

The US Treasury Department ​authorised the production, delivery and sale of Iranian oil ‌on Monday, a move promised under an agreement reached by Washington and Tehran last week. The general licence, announced as the two sides continue ​talks aimed at reaching a final peace deal, allows ​the production, delivery and sale of crude oil and petrochemical ⁠and petroleum products of Iranian origin through August 21. “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 said in a post on X. “As part of the ​framework, Treasury has issued a temporary 60-day general license authorising the production, ‌delivery, ⁠and sale of Iranian oil. ” Under the memorandum of understanding signed last week between Washington and Tehran, the United States 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. Transactions authorised in Monday’s general licence include importation ​of Iranian-origin crude oil, petrochemical and petroleum products ​to ⁠the United States. The licence says Iranian oil can be imported into the United States under the waiver when necessary to complete ⁠its ​sale or delivery. It does not authorise ​transactions involving North Korea or Cuba, countries heavily sanctioned by the United States.

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