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The move, expected under the MoU, comes as Vice President JD Vance says there is a “good foundation” for a final deal.
The United States has partially lifted sanctions on Iran’s oil exports following “encouraging” talks to end the conflict between the two countries.
The US Treasury issued a 60-day moratorium on Iranian oil charges on Monday, opening the way for the production, export and sale of Iranian oil in the US. The move came amid positive reports from mediators and the US vice president about talks in Switzerland between Washington and Tehran aimed at establishing a peace deal.
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Exclusion is a condition included in the 60 day reminder of understanding (MoU) signed by Tehran and Washington on June 17.
US Treasury Secretary Scott Bessent said that US-Iran negotiations it has been “beneficial”, and that some of the MoU’s requirements are moving forward.
“Iran is committed to keeping the Strait of Hormuz free and open and allowing International Atomic Energy Agency (IAEA) inspectors to enter their country,” he wrote on social media. “As part of this process, the Treasury has issued a temporary license for 60 days to allow the production, export, and sale of Iranian oil.”
The license expires on August 21 and covers crude oil, petroleum products, or petroleum products from Iran. It allows Iranian oil to be imported into the US but does not approve of events involving US-sanctioned North Korea or Cuba, or Russian-held Ukraine.
There was no immediate response from Iranian authorities.
Oil prices continued their recent slide on the withdrawal news, with Brent crude down 3.5% to $77.7 a barrel.
‘Good foundation’
Bessent’s announcement came as US Vice President JD Vance expressed his optimism about the Tehran-Washington talks at the Swiss residence in Burgenstock.
He told reporters “we laid a very good foundation for a successful final agreement,” and he scoffed yesterday online tit-for-tat between President Donald Trump and senior leader Mohammad Bagher Ghalibaf.
He said: “Threats on the television that they will leave” did not work.” “There was a little bit of intimidation, there was a little grumbling, but at the end of the day the stories went on and we made a lot of progress.”
Mediators in the talks said Washington and Tehran had “made progress” in the first phase, according to Reuters.
The vice president did not give a specific date for nuclear inspections to begin, but said talks with the IAEA could take place as soon as Monday.
The US has said the need to prevent Iran from developing nuclear weapons is behind its threats, and wants Tehran to reopen its nuclear arsenal to international inspection.
Iran has consistently denied accusations that it is seeking nuclear weapons, saying its nuclear weapons program is good for civilians.
A very busy waterway
Shortly after announcing the withdrawal, the Strait of Hormuz is reportedly seeing an increase in oil and gas tankers, just two days after Iran said it would. Close the water line again in the midst of Israel’s invasion of Lebanon.
Four LNG tankers controlled by Qatar entered the Gulf and passed through the canal on Monday, while two tankers – which can carry 4 barrels of crude oil – crossed the Gulf. One showed its destination as the Iraqi port of Basra, according to train tracking data from Kpler.
Meanwhile, smaller tankers, filled with less than 2 million barrels of oil, left the waterway and headed for the Gulf of Oman on Monday, according to MarineTraffic.
“Although daily flights remain below the 125 hours before the Iran war, the trend is positive,” Clarksons said.
The US maintained that the route was not closed for a second time, following the 55 merchant ships that passed through on Saturday with more than 17 million barrels of oil.
