The United States Treasury Department has issued a general license allowing the production, delivery, and sale of crude oil, as well as petrochemical and petroleum products of Iranian origin.
According to a post shared by Treasury Secretary Scott Bessent on X, the license will be valid through August 21.
The move comes following the US-Iran talks in Switzerland, which paved the way for a 60-day framework to reach a final deal. The post reads that Iran has agreed to ensure free and open passage through the Strait of Hormuz and to allow inspections by the International Atomic Energy Agency.
Under President @realDonaldTrump and @VP, we continue to make the world safer and more prosperous.
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…
— Treasury Secretary Scott Bessent (@SecScottBessent) June 22, 2026
According to the US vice president JD Vance, Bürgenstock negotiators succeeded in building a strong foundation for reaching a final agreement with Iran in the coming weeks.
Addressing the issue of Iran’s frozen overseas assets, Vance said the US was working to establish safeguards to ensure any future release of Iranian funds would directly benefit ordinary Iranian citizens rather than being diverted toward activities linked to terrorism.
Vance also announced that inspectors from the International Atomic Energy Agency are expected to return to Iran to monitor compliance with the preliminary agreement reached during the talks.
He said the ultimate goal remains securing a permanent and comprehensive settlement, but stressed that the latest negotiations had delivered encouraging progress that should be viewed positively.
He added that discussions with inspectors and the IAEA are expected to begin soon, potentially within days.
Vance says US-Iran talks built strong foundation for final deal
