US authorizes Iranian oil sales amid talks on final peace deal

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A VIEW of an oil facility in the Khark Island, on the shore of the Gulf, March 12, 2017.
A VIEW of an oil facility in the Khark Island, on the shore of the Gulf, March 12, 2017.
(photo credit: Atta Kenare/AFP via Getty Images, ILLUSTRATIVE)

The US Treasury Department authorized the production, delivery, and sale of Iranian oil on Monday, a move promised under an agreement reached by Washington and Tehran last week.

The general license, announced as the two sides continue talks aimed at reaching a final peace deal, allows the production, delivery, and sale of crude oil and petrochemical and petroleum products of Iranian origin through August 21.

"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 said in a post on X/Twitter.

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