US grants Iran 60-day oil license through Aug. 21 after talks
Why it matters: The deal lets Iranian oil be sold in dollars, requires toll-free Hormuz transit for 60 days and sends U.N. nuclear inspectors back.
The United States authorized Iranian oil production, delivery and sales for 60 days through Aug. 21 after weekend talks with Tehran in Switzerland, opening the way for imports into the U.S. and dollar payments to Iran. Treasury Secretary Scott Bessent said the framework also requires Iran to allow free, toll-free transit through the Strait of Hormuz for 60 days and to readmit inspectors from the International Atomic Energy Agency. The move follows a June 17 memorandum of understanding and the U.S. Navy’s decision last week to lift its blockade of Iranian ports and coastal waters. Tanker traffic through Hormuz has started to recover, but remained well below prewar levels after disruptions that hit a route carrying about 20% of global crude supply.