The United States has lifted sanctions on Iranian oil exports for two months, issuing a general license through the US Treasury as peace talks continue in Switzerland. This move fulfills a key promise under a memorandum of understanding between Washington and Tehran, authorizing the production, delivery, and sale of Iranian oil until August 21.
US Treasury Secretary Scott Bessent stated Iran committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into the country. US Vice-President JD Vance claimed Tehran agreed to invite IAEA inspectors this week to assess its 450kg of highly enriched uranium, though Iran's foreign ministry insists nuclear negotiations have not yet begun. The memorandum sets a 60-day period to settle Iran’s nuclear program's future. Oil prices, including Brent crude, fell over 3% to $77 a barrel following the announcement. The US and Iran also agreed to establish a "communication line" for the Strait of Hormuz and a "de-confliction cell" with Lebanon's government to ensure the termination of military operations.
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