U.S. Grants Iran 60-Day Oil Sales Waiver After Switzerland Talks

The United States has renewed permission for Iranian oil sales for 60 days, easing pressure on the Islamic Republic’s energy exports while signaling progress in talks between Washington and Tehran. Treasury Secretary Scott Bessent said on Monday that the Treasury Department issued a temporary general license allowing the “production, supply and sale of Iranian oil” through the end of August.

Bessent said the decision followed what he described as “productive talks” held over the weekend in Switzerland between representatives of the two countries. In a post on Twitter, he wrote, “As part of the framework reached, the Treasury Department issued a temporary 60-day general license allowing the production, supply and sale of Iranian oil.”

U.S. Vice President J.D. Vance said earlier Monday that the Swiss talks had produced “significant progress.” His remarks came after Iran announced over the weekend that it had decided to close the Strait of Hormuz, one of the world’s most important routes for oil and gas shipments.

The Strait of Hormuz is a critical artery for the global energy market, carrying a substantial share of oil exports from the Middle East. Any threat to freedom of navigation there can quickly affect world oil prices. Against that backdrop, the U.S. move is being seen as a positive signal for markets and a short-term step toward continued dialogue between the two sides.