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

WASHINGTON, United States — WASHINGTON — The U.S. Treasury Department said Iran has committed to ensuring freedom of navigation through the Strait of Hormuz and will permit International Atomic Energy Agency inspectors to enter the country. Treasury Secretary Scott Bessent said the commitments were secured during productive talks in Switzerland and announced that Treasury has issued a temporary general license, valid for 60 days, covering the production, shipment and sale of Iranian oil. The decision came hours after Iranian Foreign Minister Abbas Araghchi said significant progress had been made toward exemptions for oil exports, the lifting of restrictions and the release of frozen assets, with mediation from Pakistan and Qatar. Araghchi is leading the Iranian delegation in the indirect talks with the United States. Direct negotiations between the United States and Iran began on Thursday at the Bürgenstock resort in Switzerland, led by Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf. The first round, mediated jointly by Qatar and Pakistan, concluded with a roadmap aimed at reaching a final agreement within 60 days, including working groups on the nuclear file, sanctions, inspection mechanisms and dispute resolution.