The United States granted Iran a 60-day license to sell oil on international markets, the Treasury Department confirmed, the most tangible step yet in a fast-moving diplomatic effort to convert a tense standoff into a lasting agreement.
The waiver, issued Monday and valid through August 21, covers crude oil, petrochemical products and petroleum products of Iranian origin, paving the way for their production, delivery and sale. Oil prices fell on the prospect of additional global supply.
In parallel, the opening round of US–Iran talks in Bürgenstock, Switzerland, produced what mediators called a 60-day roadmap toward a final deal. Pakistan and Qatar, which helped broker the discussions, said the talks had made “encouraging progress” despite a rocky start, establishing a negotiating window during which further issues — including Iran’s uranium-enrichment levels and the status of its highly enriched uranium stockpile — are to be addressed.
The two sides diverged sharply, however, over money. Iran’s top negotiator said an agreement had been reached to release $12 billion in frozen Iranian funds, and a document published by the Mehr news agency referred to as much as $24 billion to be unblocked during the 60-day period.
A US official rejected the characterization that Tehran would gain unconditional access to the assets before negotiations conclude. “This is a pay-for-performance deal and no frozen funds will be released without the Iranians implementing their commitments,” the official said.
Earlier in the week, Vice President JD Vance attended a quadrilateral meeting of the United States, Iran, Pakistan and Qatar in Switzerland. Iran separately rebutted Vance’s suggestion that it would readmit inspectors from the UN nuclear watchdog, the International Atomic Energy Agency, with a foreign-ministry spokesman saying no inspection visit was scheduled.
The framework follows weeks of escalation around the Strait of Hormuz and signals a shift from confrontation to negotiation, even as the unresolved questions over Iran’s nuclear program and the disputed funds leave ample room for the process to stall.