US Treasury issues 60-day license for Iranian oil as part of emerging nuclear framework

The US Treasury Department has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil as part of an emerging nuclear framework, Treasury Secretary Scott Bessent announced Monday.

"Under President Donald Trump and Vice President JD Vance, we continue to make the world safer and more prosperous," Bessent wrote in a post on US social media platform X.

Bessent said: "In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz," also claiming that Iran agreed "to permit International Atomic Energy Agency (IAEA) inspectors into their country."

"As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil," he added.

The license, designated General License X and issued by the Office of Foreign Assets Control, authorizes all transactions related to the production, sale, delivery, or offloading of Iranian-origin crude oil, petrochemical products, and petroleum products through Aug. 21, 2026.