US issues 60‑day license for Iranian oil sales amid peace talks

The license covers exports of Iranian-origin crude oil and derivatives, including associated services such as banking transactions, insurance, and transportation.

The U.S. Treasury Department on Monday issued a temporary 60‑day general license allowing the production, delivery, and sale of Iranian crude oil, petrochemical, and petroleum products. The move is part of commitments made under last week’s U.S.-Iran memorandum of understanding, as both sides continue negotiations toward a final peace deal.

Treasury Secretary Scott Bessent said the authorization was linked to Iran’s pledge to permit International Atomic Energy Agency (IAEA) inspectors back into the country and to guarantee free transit through the Strait of Hormuz. “As part of the framework, Treasury has issued a temporary 60‑day general license authorizing the production, delivery, and sale of Iranian oil,” he posted on X.

The license covers exports of Iranian-origin crude oil and derivatives, including associated services such as banking transactions, insurance, and transportation. It also allows importation of Iranian oil into the United States when necessary to complete sales or deliveries. Transactions involving North Korea or Cuba remain prohibited.

The authorization represents a significant step in easing sanctions pressure on Iran, while negotiators in Switzerland work under a 60‑day roadmap to reach a comprehensive peace agreement. The framework includes mechanisms to keep the Strait of Hormuz open, deconfliction arrangements between Israel and Lebanon, and renewed nuclear oversight by the IAEA.