- By Priyanka Koul
- Mon, 22 Jun 2026 08:30 PM (IST)
- Source:JND
Amid US-Iran peace talks, the United States on Monday issued a temporary 60-day general license authorising transactions related to the production, delivery, and sale of Iranian crude oil, petrochemicals, and petroleum products. The move follows a significant diplomatic breakthrough aimed at easing regional tensions and reopening the critical Strait of Hormuz.
The 60-day licence waiving sanctions on Iranian oil, authorising the production, delivery and sale of Iranian crude will last till August 21 as part of an interim agreement aimed at ending the Iran war.
Under President @realDonaldTrump and @VP, we continue to make the world safer and more prosperous.
— Treasury Secretary Scott Bessent (@SecScottBessent) June 22, 2026
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…
The newly issued general licence permits all operations related to the extraction, transport, and trade of Iranian-origin petroleum and petrochemical products.
According to official documentation, "all transactions" previously restricted under US sanctions regarding these activities are authorised until 12:01 a.m. Eastern Daylight Time on August 21, 2026."
The move aligns with Washington’s commitment to grant waivers for Iranian oil exports and related petroleum products, while also allowing key support services such as insurance, shipping, and financial transactions.
Scott Bessent Confirms Progress in Talks
US Treasury Secretary Scott Bessent confirmed that the decision reflects the advancement of bilateral discussions currently underway in Switzerland.
"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," Bessent stated in a post on X.
He added, "As part of the framework, Treasury has issued a temporary 60-day general licence authorising the production, delivery, and sale of Iranian oil."
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The temporary authorisation also covers the import of Iranian crude oil and petroleum products into the United States where necessary to fulfil transactions approved under the new waiver arrangement.
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The Treasury Department clarified that these exemptions do not extend to dealings involving North Korea or Cuba, which remain under strict US sanctions regimes