By By Elizabeth Ugbo
The United States on Monday partially lifted sanctions on Iranian oil exports by issuing a 60-day waiver following encouraging peace and nuclear talks with Iran in Burgenstock, Switzerland. The waiver allows the production, delivery, and sale of Iranian oil to the US. Washington took the step to support ongoing negotiations aimed at ending tensions, improving nuclear oversight, and reaching a broader peace agreement.
US Issues 60-Day Iranian Oil Waiver
The US Treasury announced a temporary general licence that remains valid until August 21. The licence permits transactions involving Iranian crude oil, petrochemical products, and petroleum exports.
However, the waiver excludes dealings involving US-sanctioned entities in North Korea, Cuba, and Russian-occupied areas of Ukraine.
According to US Treasury Secretary Scott Bessent, the measure forms part of a 60-day Memorandum of Understanding (MoU) signed by Washington and Tehran on June 17.
Iran Commits to Strait of Hormuz Access
Bessent stated that Iran agreed to maintain free and open transit through the Strait of Hormuz. He also said Tehran would allow inspectors from the International Atomic Energy Agency (IAEA) into the country.
In addition, he noted that several provisions of the MoU were already moving forward.
Iranian officials, however, did not immediately respond to the Treasury announcement.
Nuclear Inspections Remain a Key Issue
US Vice President JD Vance expressed optimism about the talks. He said negotiators had laid a strong foundation for a final agreement.
“We laid a very good foundation for a successful final deal,” Vance told reporters.
Although he did not provide a timeline for inspections, Vance indicated that discussions with the IAEA could begin as early as Monday.
The US continues to insist on international oversight of Iran’s nuclear facilities. Washington argues that inspections are necessary to prevent Iran from developing nuclear weapons.
Iran Rejects New Nuclear Commitments
Iran maintains that its nuclear programme serves only civilian purposes.
Foreign Ministry spokesperson Esmaeil Baghaei told the official IRNA news agency that Iran did not negotiate its nuclear programme during Sunday’s talks. He also said Tehran accepted no new commitments.
Meanwhile, US President Donald Trump claimed on Truth Social that Iran would eventually agree to extensive weapons inspections to ensure what he described as “nuclear honesty.”
Progress Reported in Switzerland Talks
Despite recent online exchanges between US and Iranian officials, negotiations continued.
Vance downplayed tensions and said threats to abandon the talks never materialised.
“There was a little bit of threatening and a little bit of whining, but the talks continued,” he said.
Furthermore, mediators told Reuters that both sides made encouraging progress during the first round of discussions.
Oil Prices Fall After Waiver Announcement
Global oil markets reacted quickly to the news.
Brent crude prices fell by more than 3.5 percent, reaching approximately $77.70 per barrel.
Analysts linked the decline to expectations of increased Iranian oil exports and reduced geopolitical tensions in the Middle East.
Outlook for a Broader US-Iran Agreement
The sanctions waiver signals a significant shift in relations between Washington and Tehran. While major differences remain, both sides appear willing to continue negotiations.
If talks progress further, the discussions could lead to expanded nuclear oversight, increased oil exports, and a broader agreement aimed at reducing regional tensions.
