The Trump administration issued a 60-day license Monday clearing the way for Iranian crude oil to be produced, sold, and even imported into the U.S. until Aug. 21. The general license is part of a pledge embedded in last week's memorandum of understanding between Washington and Tehran.
Posting on X, Treasury Secretary Scott Bessent announced that Tehran had pledged unobstructed passage through the Strait of Hormuz and agreed to welcome International Atomic Energy Agency inspectors back onto Iranian soil. "As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil," Bessent said.
Ships that had been subject to U.S. sanctions are now eligible for transactions under the license, and dollar-denominated payments for crude purchases directed to Iran or its government are explicitly permitted. Bringing Iranian crude and petroleum products into the United States is also covered, provided that doing so is required to fulfill an underlying transaction. The U.S. has not had significant imports of Iranian crude or fuel since the 1990s, according to Bloomberg.
Parties in North Korea, Cuba, or sanctioned Ukrainian territories such as Crimea remain outside the license's scope and cannot benefit from its authorizations.
The memorandum struck between the two governments last week had called on Washington to waive restrictions covering Iranian oil exports across the supply chain, including financing, shipping, and insurance services, Reuters reported. President Donald Trump signed the memorandum at the Palace of Versailles, and Iranian President Masoud Pezeshkian signed it separately.
The weekend talks that preceded Monday's license had a turbulent start. As Quartz tracked the market reaction to the peace negotiations, Tehran announced a closure of the Strait of Hormuz on Saturday, prompting threats from Trump before direct contact between the two sides was restored. U.S. Central Command said Hormuz had not in fact been closed. Vice President JD Vance, who participated in the Switzerland talks, said "great progress" had been made and confirmed Iran agreed to allow IAEA weapons inspectors back into the country.
Prior to the U.S. naval blockade that took effect in April, Iran was routinely moving upward of 1.5 million barrels of oil per day for export; by May that figure had cratered to roughly 260,000 barrels per day, CNBC reported. The 60-day license opens the door for broader sanctions relief, with both sides continuing talks toward a final deal within the same negotiating window.