US issues 60-day waiver on Iranian oil sanctions amid talks on final deal

The United States has partially lifted sanctions on Iranian oil exports, issuing a 60-day waiver that allows the production, delivery, and sale of Iranian crude oil, petrochemicals, and petroleum products. The move, announced by the US Treasury Department on Monday, is tied to ongoing negotiations in Switzerland aimed at reaching a final peace deal between Washington and Tehran.

US Treasury Secretary Scott Bessent said the license was issued as part of the framework agreed during what he described as "productive talks" between Iranian and US delegations. In a post on X, Bessent said Iran had "committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country."

The license, which runs through August 21, also permits the importation of Iranian oil into the United States. However, transactions involving North Korea, Cuba, and Russian-occupied Ukraine — including Donbass, Crimea, and Novorossiya — remain subject to sanctions, according to the Treasury's Office of Foreign Assets Control. The license also allows buyers to make payments in US dollars.

The waiver was a condition of the 60-day memorandum of understanding signed by Tehran and Washington on June 17, as reported by multiple outlets. The agreement also established communication lines regarding the Strait of Hormuz to "avoid incidents and miscommunication" and ensure safe passage for commercial vessels, according to a joint statement by mediators Qatar and Pakistan.

US Vice President JD Vance told reporters at the Bürgenstock Resort in Switzerland that Iran had agreed to invite IAEA inspectors back into the country, calling it "a major milestone for the American people and the first step in permanently denuclearizing or permanently ending a nuclear weapons program in Iran." He said he expected discussions on the inspectors' return to begin imminently, possibly as soon as this week.

Iran, however, has not publicly confirmed the IAEA agreement, according to a report by Al Jazeera. The same report noted that Iranian state media said Washington had agreed to release $12bn in frozen Iranian assets, but the US had not confirmed this. Iran's top negotiator, Mohammad Ghalibaf, said an agreement had been reached with the US to release the funds, with US President Donald Trump saying the money would be used to buy food from American farmers.

Coverage comparison

Multiple outlets reported the Treasury's issuance of the 60-day license, with consistent details on its scope and duration. Al Jazeera, Deutsche Welle, the Jerusalem Post, and TASS all confirmed that the license authorizes the production, delivery, and sale of Iranian oil until August 21. The Jerusalem Post added specifics on the market impact, reporting that oil prices fell significantly on Tuesday: Brent crude futures were down 44 cents to $77.46 a barrel, and West Texas Intermediate was down 30 cents to $73.56.

Al Jazeera, in two separate pieces, reported on the progress of technical talks in Switzerland, quoting Iranian Deputy Foreign Minister Kazem Gharibabadi as saying the four-party talks concluded "successfully," with an agreement on working groups and implementation mechanisms for the memorandum of understanding. These reports also included Ghalibaf's statement about the release of $12bn in frozen assets, a claim that appeared in multiple Al Jazeera articles but was not confirmed by US officials.

TASS, the Russian state news agency, focused on the technical details of the license, including the geographic restrictions, and quoted Bessent's statement. Deutsche Welle reported Vance's comments on IAEA inspectors, adding that the US had previously said Iran agreed to dilute its enriched uranium stocks, possibly through "down-blending on site under the supervision of the IAEA."

Key claims

  • The US Treasury issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil, covering crude oil, petrochemicals, and petroleum products of Iranian origin until August 21. This was reported by Al Jazeera, Deutsche Welle, the Jerusalem Post, and TASS.
  • Iran committed to free and open transit in the Strait of Hormuz and to permitting IAEA inspectors into the country, according to Treasury Secretary Scott Bessent. Vance also said Iran had agreed to invite inspectors, but a later Al Jazeera report noted that Iran denied this, creating a point of disagreement.
  • Iran's top negotiator, Mohammad Ghalibaf, said an agreement had been reached with the US to release $12bn in frozen Iranian assets, with the funds to be released in two tranches of $6bn. US President Donald Trump said the money would be used to buy American produce. The US has not publicly confirmed this agreement, and it was not mentioned in the Treasury announcement.
  • Oil prices fell after the announcement of the waiver. Al Jazeera reported Brent crude dropping over 3.5 percent to $77.7 per barrel, while the Jerusalem Post reported more modest declines, with Brent down 0.6% and WTI down 0.4%.
  • The license does not apply to transactions involving North Korea, Cuba, or Russian-occupied Ukraine, as stated by the Treasury and reported by TASS and the Jerusalem Post.
  • Technical talks in Switzerland concluded with an agreement on arrangements for future negotiations, including working groups and implementation mechanisms, as stated by Iranian Deputy Foreign Minister Kazem Gharibabadi and reported by Al Jazeera. This claim was not corroborated by other outlets in the provided material.