U.S. issues temporary license for Iranian oil sales

The U.S. Treasury Department on Monday issued a temporary 60-day general license authorizing the production, delivery and sale of Iranian-origin oil and petroleum products.

The move follows what U.S. Treasury Secretary Scott Bessent described as “productive talks” in Switzerland, where he said Iran had committed to ensuring free and open transit through the Strait of Hormuz and allowing International Atomic Energy Agency inspectors into the country. The waiver could help boost Iran’s economy by allowing it to sell more oil and potentially secure higher prices for its exports, local media reported Monday.