US Treasury grants 60-day general license for Iranian oil sales

WASHINGTON, United States — WASHINGTON — The US Treasury Department on Monday confirmed that Iran has upheld freedom of navigation in the Strait of Hormuz and issued a temporary general license permitting the production, supply and sale of Iranian crude oil for 60 days. Treasury Secretary Scott Bessent said in a written statement that, in line with productive talks held in Switzerland, Iran had granted passage rights through the strait and allowed International Atomic Energy Agency inspectors to enter the country. The decision came hours after Iranian Foreign Minister Abbas Araghchi said that "significant progress" had been made, with Pakistan and Qatar mediating on exemptions for oil exports, the lifting of restrictions and the release of frozen assets. The first round of negotiations took place in the Swiss resort of Bürgenstock, led by US Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf, with Qatar and Pakistan acting as intermediaries. The parties agreed to establish working groups on the nuclear file, sanctions, inspection mechanisms and dispute resolution, under a high-level political oversight committee. They also decided to set up a communication line to prevent accidents and ensure navigational safety in the Strait of Hormuz, and adopted a 60-day roadmap aimed at reaching a final agreement.