US partially lifts Iran oil sanctions amid ‘encouraging’ talks

The move, expected under the MoU, comes as Vice President JD Vance says there’s a ‘good foundation’ for a final deal.The United States has partially lifted sanctions on Iranian oil exports following “encouraging” talks over ending their conflict.The US Treasury issued a 60-day sanctions waiver on Monday, paving the way for the production, delivery and sale of Iranian oil to the US. The move came amid positive reports from mediators and the US vice president regarding talks in Switzerland between Washington and Tehran aimed at establishing a full peace deal.Recommended Stories list of 4 itemslist 1 of 4What are the key outcomes of the Iran-US talks, what next?list 2 of 4US, Iran agree on ‘roadmap’ towards final deal in Switzerland talkslist 3 of 4JD Vance touts progress on key issues in US-Iran negotiationslist 4 of 4Vance’s warning to Israel signals a new phase in US-Israeli relationsend of listThe waiver is a condition included in the 60-day memorandum of understanding (MoU) signed by Tehran and Washington on June 17.US Treasury Secretary Scott Bessent said that the US-Iran talks have been “productive” and that several of the MoU’s stipulations are moving ahead.“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,” he wrote on social media. “As part of the framework, Treasury has issued a temporary 60-day general licence authorising the production, delivery and sale of Iranian oil.”The licence lasts through August 21 and covers crude oil, petrochemical products, or petroleum products of Iranian origin. It permits Iranian oil to be imported into the US but does not authorise transactions involving US-sanctioned North Korea or Cuba, or Russian-occupied Ukraine.There was no immediate response from Iranian government officials.Oil prices continued their recent decline upon news of the waiver, with Brent crude dropping over 3.5 percent to $77.7 per barrel.