The United States Treasury on Monday announced the temporary easing of sanctions on Iranian oil up to August 21 following talks with Iranian representatives in Switzerland.
The measure authorizes the production, delivery and sale of crude oil, petrochemical products and petroleum products of Iranian origin, a Treasury Department statement said.
The move is the largest since the start of the current Iran war on February 28. In March, the US temporarily eased sanctions on Iranian oil on tankers with the aim of calming the energy markets.
Oil prices rose sharply on global markets after the war effectively closed the Strait of Hormuz through which most oil and petroleum products from Iran and the Gulf States is exported.
US Treasury Secretary Scott Bessent described the latest talks with Iran as "productive."
"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," he posted on X.
"As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil," Bessent said.
US Vice President JD Vance recently said that a new agreement with Iran would yield economic advantages, provided that Tehran renounced the enrichment of uranium and allowed the destruction of its stocks of highly enriched uranium.
