US authorizes Iranian oil sales amid talks on final peace deal

The US Treasury Department authorized the production, delivery, and sale of Iranian oil on Monday, a move promised under an agreement reached by Washington and Tehran last week.The general license, announced as the two sides continue talks aimed at reaching a final peace deal, allows the production, delivery, and sale of crude oil and petrochemical and petroleum products of Iranian origin through August 21."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," Treasury Secretary Scott Bessent said in a post on X/Twitter.Under President @realDonaldTrump and @VP, we continue to make the world safer and more prosperous.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…— Treasury Secretary Scott Bessent (@SecScottBessent) June 22, 2026"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 of understanding signed last week between Washington and Tehran, the United States agreed to issue waivers for the export of Iranian crude oil, petroleum products, and derivatives, as well as all associated services, including banking transactions, insurance, and transportation.License includes crude oil, petrochemicals, petroleum productsTransactions authorized under Monday's general license include the importation of Iranian-origin crude oil, petrochemicals, and petroleum products into the United States.The license says Iranian oil can be imported into the United States under the waiver when necessary to complete its sale or delivery.It does not authorize transactions involving North Korea or Cuba, both of which are heavily sanctioned by the United States.