US Decision on Iranian Oil Sales Signals Progress Toward Historic Peace Deal

WASHINGTON — The United States authorized Iranian oil sales on Monday, easing decades‑old sanctions as it pushes toward a final peace deal with Tehran in return for commitments on nuclear inspections and free transit through the Strait of Hormuz.

The general license, announced by the Treasury Department, allows the sale of crude oil and petrochemical products of Iranian origin through August 21. The license also permits Iranian oil to be imported into the US when necessary to complete its delivery or offloading, though the US has not meaningfully imported Iranian oil since sanctions were imposed after the 1979 revolution.

“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 IAEA inspectors into their country,” Treasury Secretary Scott Bessent wrote 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.”

Under the memorandum signed last week, the US agreed to issue waivers for Iranian crude exports and all associated services, including banking transactions, insurance, and transportation. Payment may be made in US dollar‑denominated funds.

Mediators said Monday that Washington and Tehran made “encouraging progress” at the first round of talks aimed at a final peace deal, extending a fragile ceasefire for at least 60 more days.

Oil prices had risen sharply when Tehran blockaded the Strait of Hormuz, but following the interim deal, they fell to their lowest since the war began on February 28 with US‑Israeli attacks on Iran.

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