Treasury Department issues temporary license for Iranian oil sales

The Treasury Department on Monday move to temporarily allow the sale of Iranian oil, issuing a 60 day “general license” that lifts restrictions normally in place on the commodity.

“In line with the ongoing productive talks in Switzerland, 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,” Treasury Secretary Scott Bessent said in a post on the social platform X.

“As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil,” Bessent said.

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