US relaxes Iran Oil Sanctions as final peace deal nears

WASHINGTON – United States temporarily authorized the production, delivery, and sale of Iranian oil, in major shift in sanctions policy as Washington and Tehran advance negotiations on regional security, nuclear oversight, and broader sanctions relief. US Treasury Department issued a 60-day general license allowing Iran to produce, transport, and sell crude oil, petrochemicals, and petroleum products through August 21, 2026. The waiver also permits transactions in U.S. dollars, potentially giving Tehran greater access to foreign currency and energy revenues. Treasury Secretary Scott Bessent said the move follows productive talks between the two countries in Switzerland. According to Bessent, Iran has committed to ensuring free and open transit through the Strait of Hormuz and to allowing International Atomic Energy Agency (IAEA) inspectors access to the country. “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 inspectors into their country,” Bessent stated. As part of the framework reached during the negotiations, the Treasury Department authorized activities related to the production, transportation, delivery, and sale of Iranian crude oil and petrochemical products. The license also allows the import of Iranian crude oil, petroleum products, and petrochemicals into the United States during the approved period. The decision represents one of the most notable changes in U.S. policy toward Iran in recent years and comes amid ongoing discussions over the future of sanctions, nuclear inspections, and stability in one of the world’s most strategically important waterways. The temporary waiver is expected to boost Iran’s oil exports and provide increased access to international markets while both sides continue negotiations on a broader agreement. Oil prices drop nearly 2% after encouraging progress in US-Iran talks