Washington DC

In a significant policy move linked to ongoing diplomatic efforts with Tehran, the United States has temporarily eased restrictions on Iran's energy sector by issuing a 60-day general licence permitting transactions involving Iranian crude oil, petroleum products and petrochemicals.

The licence, announced by the US Department of the Treasury on Monday, authorises activities related to the production, transportation, sale and delivery of Iranian-origin oil and petrochemical products. The exemption will remain in effect until August 21, 2026.

Under the temporary arrangement, transactions that were previously restricted under US sanctions can now proceed, including related services such as shipping, insurance and financial processing. The measure comes as part of broader efforts aimed at reducing tensions in the Middle East and ensuring the continued operation of the strategically important Strait of Hormuz.

US Treasury Secretary Scott Bessent said the decision was linked to progress made during ongoing negotiations between Washington and Tehran in Switzerland.

In a statement shared on social media, Bessent said Iran had agreed to ensure free navigation through the Strait of Hormuz and allow inspectors from the International Atomic Energy Agency (IAEA) access to the country. He added that the Treasury's temporary licence was issued as part of the evolving framework of discussions.

The waiver also permits the import of Iranian crude oil and petroleum products into the United States when necessary to complete transactions covered under the new authorisation.

According to Treasury Department guidelines, the temporary relief applies only to Iran-related energy transactions and does not affect sanctions imposed on countries such as North Korea and Cuba, which remain fully in place.

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The announcement marks a notable development in US-Iran relations and signals a potential shift in regional energy and security dynamics as diplomatic engagement continues.