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U.S. to permit Iranian oil sales, easing decades-old sanctions, as peace talks continue
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 licence, announced by the Treasury Department, allows the sale of crude oil and petrochemical and petroleum products of Iranian origin through Aug. 21.
The licence says Iranian oil can be imported into the U.S. when necessary to complete its sale, delivery or offloading. The U.S. has not meaningfully imported Iranian oil since Washington imposed measures after the 1979 revolution.
The U.S. authorized Iranian oil sales, easing decades-old sanctions, as it pushes toward a final peace deal with Tehran.
"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 wrote on X.
Under a memorandum of understanding signed last week between Washington and Tehran, the U.S. agreed to issue waivers for the export of Iranian crude oil, petroleum products and derivatives, and all associated services, including banking transactions, insurances and transportation.
Washington first sanctioned Iran in 1979 when revolutionary students seized the U.S. embassy in Tehran, holding diplomats hostage. Numerous additional sanctions have been imposed since then over the nuclear program and Iran's support for groups the U.S. deems terrorist organizations.
Independent Chinese refiners have been the main buyers of sanctioned Iranian oil, taking advantage of deep discounts as others avoided such purchases. India, South Korea, Japan, Italy, Greece, Taiwan and Turkey were also major buyers of Iranian crude before U.S. sanctions were reimposed in 2018.
Mediators said on Monday that Washington and Tehran made "encouraging progress" at the first round of talks aimed at reaching a final peace deal.
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