US Lifts Iran Oil Sanctions for 60 Days in War-End Deal

The United States has temporarily lifted sanctions on Iranian oil. The Treasury Department announced a 60-day moratorium on Monday, allowing the sale of Iranian crude as part of a preliminary agreement to end the war between the US and Iran. The license authorizes "the production, delivery, and sale of crude oil, petrochemical products, and petroleum products of Iranian origin" until August 21, 2026. This includes transactions involving blocked ships, payments in US dollars, and even imports into the United States, as long as they are necessary for the sale or delivery. The move is a major shift in US policy. Iran could now sell its oil at market prices after years of selling at a discount to avoid US penalties. The Treasury Secretary, Scott Bessent, said the exemption came from "productive and ongoing" talks with Iran in Switzerland. Vice President JD Vance provided more details on Monday. He said Iran had "agreed to allow IAEA inspectors back into the country." Vance called this "a major milestone" and "the first step toward permanent denuclearization." Vance also confirmed that the Strait of Hormuz is now open. The negotiations on Sunday focused on creating a mechanism to keep it open, preventing future conflicts from escalating. He added that technical teams will continue talks in the coming weeks. The license does not authorize transactions involving North Korea, Cuba, or certain regions of Ukraine. The US wants any future unfrozen Iranian assets to go to the Iranian people, not to fund terrorism.