US temporarily lifts sanctions on Iranian oil sales for 60 days

The United States has temporarily suspended economic sanctions on Iranian oil sales for a period of 60 days, US Treasury Secretary Scott Bessent announced on Monday.

The announcement follows direct bilateral talks between US and Iranian representatives held on Sunday in Bergenstock, Switzerland, where Bessent noted positive progress had been achieved.

In a post on the social media platform X, the US Treasury Secretary stated that Iran has committed to ensuring free and open transit in the Strait of Hormuz and allowing inspectors from the International Atomic Energy Agency (IAEA) to enter the country. Consequently, the US Department of the Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian crude oil.

Under the terms of this license, Iran will be permitted to sell and supply oil to almost any country in the world, including the United States, without facing sanctions until 12:01am on August 21.