Full story
Oil license and talks
The U.S. authorized Iranian oil sales through August after “productive talks” between Tehran and Washington in Switzerland, Treasury Secretary Scott Bessent said, issuing “a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil.”
Bessent said the license allows the import of Iranian oil and refined products into the U.S., with payment to Tehran in dollars, and that it expires Aug. 21 unless renewed.
Vice President JD Vance said earlier Monday that “great progress” was made during the talks in Switzerland, while U.S. Central Command said Hormuz had not been closed despite Iran’s declaration over the weekend that it had closed the Strait of Hormuz.
The CNBC account tied the shift to a wider framework, saying the U.S. Navy last Thursday lifted its blockade of Iran’s ports and coastal areas and that Iranian supertankers switched on their transponders as they departed the Persian Gulf loaded with oil.
The CNBC report also said loadings declined to just 260,000 bpd in May as the blockade took hold, after Iran typically loaded more than 1.5 million barrels per day for export before the U.S. imposed its blockade in April.
Hotline, inspectors, warnings
As the first round of U.S.-Iran talks in Switzerland concluded, mediators said the negotiations “concluded successfully,” and Vice President JD Vance told reporters at Emmen Air Base in Switzerland, “All in all, a very productive 36 hours.”
Vance said a mechanism to ensure the Strait of Hormuz remains open was a “fundamental” point in the talks, while the CNBC account said Tehran agreed to free and open transit through Hormuz and to allow weapons inspectors from the International Atomic Energy Agency back into the Islamic Republic.
Iran’s top negotiator, parliamentary Speaker Mohammad Baqer Qalibaf, told Iranian state television that Tehran agreed to have a communication line regarding the passage of vessels through the Strait of Hormuz, and he added that a signing for the release of $12 billion in frozen Iranian assets had been finalized during the talks.
But CNN reported conflicting statements over nuclear inspector access, saying Vance said Tehran agreed to admit nuclear monitors after negotiations in Switzerland while Iran denied making any new commitments.
CNN also said Iran agreed to set up a telephone hotline to “prevent and resolve any misunderstandings” with the US or other countries as ships cross the waterway, even as President Donald Trump warned that “If Iran doesn't live up to their agreement, I will do what I have to do.”
What happens next
The DW account said the U.S. waived Iran oil sanctions for 60 days citing progress in talks, and it framed the waiver as tied to a “foundation” for a successful final deal, with Vance saying Iran agreed to nuclear IAEA inspections.
DW also reported that Oman’s Foreign Minister Badr Albusaidi said he held “constructive discussions” in Muscat with Iran’s Speaker of Parliament Mohammad Bagher Ghalibaf and Iranian Foreign Minister Abbas Araghchi, centered on the US-Iran Memorandum of Understanding “especially the Strait of Hormuz paragraph.”
In the same DW account, Trump told journalists, “If Iran doesn't live up to their agreement, I will do what I have to do,” linking the next phase to whether Tehran follows through on the MoU.
The CNBC report described the operational stakes for shipping, saying Iran must allow ships to transit Hormuz toll-free for 60 days under the agreement with the U.S., after which Tehran is supposed to discuss with Oman and the Gulf states how the strait will be administered.
CNBC added that traffic remains far below prewar levels, when more than 100 vessels transited Hormuz daily, and that transits rose sharply to 35 on Saturday before declining to 17 crossings on Sunday amid confusion over whether the strait was open or closed due to Iran's threats.
