The United States has announced a temporary relaxation of sanctions on Iran’s oil sales following progress in recent diplomatic discussions. US Treasury Secretary Scott Bessent said the decision came after positive outcomes from talks held in Switzerland, where both sides reached an understanding on several issues. Under the new arrangement, the US Treasury issued a 60-day general license allowing Iran to produce, supply, and sell oil without sanctions until 12:01 a.m. on August 21.

According to Washington, Iran agreed to ensure free and safe navigation in the Strait of Hormuz and to allow International Atomic Energy Agency inspectors access to its facilities. Analysts believe the move could provide significant relief to Iran’s economy, which has been strained by years of strict sanctions. The decision also aims to stabilize operations in the Strait of Hormuz and reduce potential disruptions in global energy supply.

The Strait of Hormuz is one of the world’s most critical energy transport routes, and any disturbance there could have major effects on international oil markets and energy distribution.