Tehran: The US Treasury Department announced on Monday that it has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil.

According to Islamic Republic News Agency, this decision is part of ongoing discussions in Switzerland, where Iran has agreed to ensure free and open transit in the Strait of Hormuz and to allow International Atomic Energy Agency (IAEA) inspectors into their country. Secretary Scott Bessent communicated this development via his X account, emphasizing the temporary nature of the license and its alignment with the diplomatic framework being established.

The general license will permit all necessary transactions and services related to the production, sale, and transport of Iranian oil products. This includes insurance, vessel management, crewing, bunkering, vessel registration and flagging, and maritime salvage operations, thus facilitating smoother operations in the sector.

Furthermore, the waiver allows for the importation of Iranian-origin crude oil, petrochemical products, and petroleum products into the United States, as long as these activities are part of an authorized sale, delivery, or discharge process. This indicates a significant shift in US policy towards Iranian oil exports, albeit temporarily.