The Treasury Department on Monday authorized the import and sale of Iranian oil for 60 days, Secretary Scott Bessent said, after “ongoing productive talks in Switzerland” between the U.S. and Iranian governments. The general license covers the “production, delivery and sale” of Iranian crude and refined products and allows transactions to be settled in U.S. dollars, Bessent said.
Bessent also said that, as part of the framework, “Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency inspectors into their country.” The IAEA access commitment follows earlier statements by Vice President JD Vance on Monday that the two countries made “great progress” in talks.
The announcement came after a weekend of conflicting signals about the status of the Strait of Hormuz, a critical chokepoint for global oil shipments. Iran said it had closed the waterway over the weekend, but U.S. Central Command said it had not been closed.
The 60-day authorization allows ships to transit the strait without tolls for that period. Tolls may be imposed after 60 days, according to an agreement that Bessent said leaves the strait’s future administration to be negotiated with Oman and the Gulf states.
The general license marks a shift from the Trump administration’s blockade of Iranian ports, which began in April. Iranian supertankers have switched their transponders back on after going dark during the naval confrontation, CNBC reported. Before the blockade, Iran loaded more than 1.5 million barrels per day for export. That volume fell to 260,000 barrels per day during the blockade, which the U.S. lifted on Thursday.