United States has made a bold move,partially lifting sanctions on Iranian oil exports. This comes after talks aimed at easing tensions with Tehran. On Monday, US Treasury issued a 60-day waiver,allowing Iranian oil into US.
This waiver stems from a June 17 MoU outlining cooperation terms between nations . Treasury Secretary Scott Bessent called the talks “productive,” noting Iran's agreement to free transit in Strait of Hormuz and IAEA inspections .
Temporary license,valid until August 21,covers Iranian crude and petrochemical products. But bans dealings with US-sanctioned countries like North Korea and Cuba. Oil prices fell after news, with Brent crude dropping over 3.5% to $77.7 per barrel.
Vice President JD Vance sounded hopeful about negotiations in Burgenstock, Switzerland . “We laid a very good foundation,” he said,dismissing online exchanges between President Trump and Iran's negotiator,Ghalibaf,as theatrics. “Some threatening,some whining, but talks continued and we made progress,” Vance added.
Mediators said early discussions were promising,though Vance didn't specify when nuclear inspections might start. Talks with IAEA could begin Monday. US insists on preventing Iran from developing nuclear weapons,demanding international oversight. Iran denies any nuclear weapon ambitions, claiming its program is for civilian use .
Leading up to waiver, there was a jump in tanker traffic through Strait of Hormuz. This uptick came days after Iran threatened to close the waterway over Israeli actions in Lebanon. Monday,four Qatari LNG tankers and two supertankers,each carrying millions of barrels, were reported in transit. One headed to Iraqi port of Basra.
Shipping firm Clarksons said while daily transits are below pre-hostility levels of 125, trend is improving. US noted strait was never officially closed,tracking 55 vessels with over 17 million barrels of oil Saturday. But how long this holds…
