The United States has authorized the sale of Iranian oil and fuels, a significant change after years of economic sanctions, as part of an agreement to end the war against Tehran. The US Treasury Department issued a wide-ranging 60-day license, effective through August 21, which permits Iran to sell crude oil, petrochemical products, and petroleum products. This authorization also allows payments to be made in US dollars and even permits the import of Iranian oil into the United States, marking a dramatic shift in US policy toward Iran.
The waiver is a crucial component of a 60-day memorandum of understanding (MoU) signed by Tehran and Washington on June 17, and it comes amid ongoing, fragile discussions for a lasting peace deal in Switzerland. US Vice President JD Vance expressed optimism about these talks, stating a "very good foundation" has been laid for a successful final deal. This development allows Iran to sell its oil at full price, potentially bringing hundreds of millions of dollars into its economy, whereas previously, sanctions forced sales at significant discounts.
The timing of the waiver is notable, as more than 30 million barrels of Iranian crude had already departed for Asia in the week prior, including oil previously blockaded by the US and exports from Kharg Island. Brent crude prices saw a decline of over 3.5% to $77.7 per barrel upon the news. Mediators have reported "encouraging progress" in the first round of talks, and Iran has committed to free transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into the country as part of the framework.
