United States allows Iran to sell oil

The United States on Monday granted a 60-day waiver for countries to purchase Iranian oil after “productive talks” with Tehran to end the war in West Asia, easing decades-old sanctions.

US Treasury Secretary Scott Bessent said that as part of the peace talks, Iran had committed to reopening the Strait of Hormuz and to allowing the inspectors of the International Atomic Energy Agency into the country.

Washington was issuing a 60-day general license authorising the production, delivery and sale of Iranian oil as part of the framework, Bessent said on social media.

The licence, which will expire on August 21, will cover crude oil, petrochemical products and petroleum products of Iranian origin.

Global oil prices fell following the positive outcome of the first round of talks held under the Islamabad Memorandum of Understanding framework in Switzerland on Monday.

On Tuesday, the benchmark Brent crude was trading at just under $78 per barrel. The price of Brent was $78 per barrel on February 27, a day before the war in West Asia started. It had climbed as high as $114 per barrel on May 4.

The US and Iran agreed to a roadmap to reach a final peace deal within 60 days. They agreed to set up a high-level committee that will provide political oversight on the mediation process.

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