US Eases Sanctions to Allow Sale of Iranian Oil Amid Ongoing Peace Talks

The US Treasury Department has authorized the sale of Iranian oil until August 21, easing decades-old sanctions in exchange for commitments on nuclear inspections and free transit through the Strait of Hormuz.

The move comes as part of ongoing talks between Washington and Tehran aimed at reaching a final peace deal. As per the agreement, Iran has committed to allowing International Atomic Energy Agency (IAEA) inspectors into its country and permitting free and open transit in the Strait of Hormuz.

Treasury Secretary Scott Bessent wrote on X that 'Iran has committed to free and open transit in the Strait of Hormuz and to permit IAEA inspectors into their country.' He added, 'As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil.'

The US first sanctioned Iran in 1979 after revolutionary students seized the US embassy in Tehran. Numerous additional sanctions have been imposed since then over the nuclear program and Iran's support for groups deemed terrorist organizations by Washington.