US lifts sanctions on Iranian oil

“Under the leadership of President Donald Trump and Vice President JD Vance, we continue to work to make the world safer and more prosperous. In line with productive negotiations underway in Switzerland, Iran has committed to free and open transit through the Strait of Hormuz and to allowing International Atomic Energy Agency (IAEA) inspectors into its country,” Bessent wrote in X.

“As part of this agreement, the Treasury Department issued a 60-day temporary general license authorizing the production, delivery and sale of Iranian oil,” the Treasury secretary added.

The lifting of American sanctions on Iranian oil was foreseen in the Islamabad Memorandum, signed last week by the two countries and which established immediate measures to end the war that began on February 28, such as the end of fighting, the clearing of the Strait of Hormuz and the end of the American naval blockade of Iranian ports, and provides that Washington and Tehran commit to reaching a final agreement within a maximum period of 60 days, “extendable by mutual consent”.

One of the thorniest issues in the negotiations is the Iranian nuclear program, which motivated the current war. The continuation of Israel’s offensive in Lebanon, where Israeli forces are facing the terrorist group Hezbollah (Iranian ally), and statements by Trump that he would attack Iran again if a definitive agreement is not reached led to an announcement by the Persian country that it had once again blocked Hormuz and the suspension of negotiations over the weekend.

This Monday, however, Vance told journalists in Switzerland that talks continued and that the Islamic regime agreed to reopen the strait and for the IAEA to carry out inspections of Iran’s nuclear facilities.