The United States has issued a 60-day sanctions waiver allowing countries to buy Iranian oil following what U.S. officials described as productive negotiations with Tehran aimed at ending the conflict in West Asia.
U.S. Treasury Secretary Scott Bessent said on Monday that Iran had agreed to reopen the Strait of Hormuz and permit inspectors from the International Atomic Energy Agency (IAEA) to re-enter the country as part of the discussions.
Under the arrangement, Washington will issue a temporary general licence authorising the production, sale and delivery of Iranian crude oil, petrochemicals and petroleum products. The waiver will remain valid until Aug. 21, Bessent said.
The announcement came after the first round of talks held in Switzerland under the Islamabad Memorandum of Understanding framework.
Oil markets reacted positively to the development. Brent crude futures traded below $78 a barrel on Tuesday. The benchmark had been around $78 per barrel before the outbreak of the West Asia conflict in late February and later surged to as high as $114 per barrel in early May amid concerns over supply disruptions.
The United States and Iran also agreed on a roadmap aimed at reaching a comprehensive peace agreement within 60 days. As part of the process, both sides will establish a high-level committee to oversee mediation efforts and monitor implementation of commitments.
The agreement also includes plans to create a direct communication channel between the parties to prevent misunderstandings and ensure the safe movement of commercial shipping through the Strait of Hormuz, a key route for global energy supplies.
In addition, the parties agreed to set up a deconfliction mechanism involving Lebanon to help end Israeli military strikes there in accordance with an interim arrangement. Israel is not a signatory to the peace framework.
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