US brings Iranian oil back to global markets with restrictions
Photo: Scott Bessent, US Secretary of the Treasury (Getty Images)
The United States has introduced a temporary exemption from sanctions on Iranian oil. This means it can now be supplied and sold on the global market, according to US Treasury Secretary Scott Bessent.
Bessent said that during talks in Switzerland, Iran committed to "free and open transit in the Strait of Hormuz" and allowing inspectors from the International Atomic Energy Agency to enter its territory.
"As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil," US Treasury Secretary noted.
US-Iran war
After the start of the US-Iran conflict, Tehran’s forces blocked the Strait of Hormuz, one of the key routes for oil supplies.
In response, the United States effectively blocked Iranian seaports, making it impossible to transport Iranian oil by tanker to other countries.
Last week, the two countries signed a 14-point memorandum of understanding.
In particular, the US and Iran announced a ceasefire across all fronts, including in Lebanon, where Israel had been conducting operations.
Against this backdrop, Iranian authorities reopened the Strait of Hormuz.
Today, June 22, it was reported that the two countries had completed the first round of peace talks held in Switzerland.
