The United States has issued a 60-day sanctions waiver on Iranian oil, allowing Iranian crude to be produced, delivered and sold to American buyers, as direct talks between Washington and Tehran in Switzerland showed encouraging signs.
Treasury Secretary Scott Bessent announced the waiver, which forms part of the broader memorandum of understanding signed by both sides on June 17 to end their military conflict.
Vice President JD Vance, who led the US delegation at the Swiss resort of Bürgenstock, said the talks had laid a very good foundation for a final deal.
He said Washington was prepared to fundamentally transform its relationship with Iran if Tehran was willing to give up its nuclear weapons ambitions and its role as a driver of regional instability.
Iran's Foreign Minister Abbas Araghchi said negotiations toward a final deal were contingent on the enforcement of existing commitments, particularly a full halt to military operations, including Israeli strikes in Lebanon.
Oil prices fell on the news, with Brent crude dropping to around $77 a barrel as markets priced in the prospect of Iranian supply returning to global markets.
The Strait of Hormuz, through which roughly 20 percent of the world's oil and gas travels, remains a key point of contention, with Iran having threatened to close it in response to continued Israeli strikes on Hezbollah in Lebanon.
The 60-day window is intended to allow both sides to negotiate a final and comprehensive agreement, with the possibility of extension by mutual consent.
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