Washington moved to ease decades-old sanctions on Iran on Monday by authorizing Iranian oil sales, in a significant milestone that paves the way for a comprehensive peace accord with Tehran, according to Arab News.
Some Relief between Iran and the US
The move is tied to Iranian commitments to cooperating with nuclear inspections and ensuring uninterrupted navigation through the strategic Strait of Hormuz.
The U.S. Treasury Department unveiled a general license permitting the sale of Iranian-origin crude oil, along with petrochemical and petroleum products, through August 21. Moreover, the license allows the import of Iranian oil into the United States when required to facilitate its sale, delivery, or offloading.
“In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country,” Treasury Secretary Scott Bessent wrote on X.
Notably, the U.S. has not imported significant volumes of Iranian crude since Washington imposed sweeping sanctions following Iran’s 1979 Islamic Revolution.
“As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery and sale of Iranian oil.”
War in Iran
On February 28, the United States and Israel launched strikes on Iran, targeting its leadership and triggering a new conflict in the Middle East.
Iran has been responding with a retaliatory counterattack in Bahrain, Kuwait, Saudi Arabia and Abu Dhabi, while launching barrages of missiles and drones toward Israel.
The conflict spread across the Middle East, leaving thousands dead and triggering unprecedented disruptions to energy supplies especially after the blockade of the Strait of Hormuz.
Granting Waivers
Last week, Iran and the United States signed an agreement to end the conflict, offering some relief and reopening the Strait of Hormuz.
Under this deal, Washington agreed to grant waivers for the export of Iranian crude oil, petroleum products, as well as related derivatives. The waivers also cover associated services, such as banking transactions, insurance, and transportation.
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