U.S. Eases Oil Sanctions as Iran Pledges Nuclear Access and Free Passage in Hormuz

U.S. Treasury Secretary Scott Bessent announced Monday night what he described as a major diplomatic breakthrough in talks with Iran taking place in Switzerland. In a post on X, Bessent said, "Under President Donald Trump and the Vice President, we continue to make the world safer and more prosperous."

According to Bessent, Iran made two key commitments in the negotiations. First, it agreed to allow free and open passage for ships through the Strait of Hormuz, a strategic route vital to global trade and oil exports. Second, Tehran agreed to let inspectors from the International Atomic Energy Agency enter the country to resume or expand oversight of its nuclear facilities.

In return, and to keep the talks moving, the U.S. Treasury has already implemented Washington's part of the understanding. The department issued a temporary general license for 60 days, formally authorizing the production, supply, and sale of Iranian oil on international markets.

The measure is a limited, time-bound easing of the sanctions that have squeezed Iran's energy industry. It is intended to test whether Tehran will actually honor its commitments while negotiations continue.