US issues license allowing Iranian crude oil and petrochemical shipments

WASHINGTON: The United States has issued a general license authorizing Iran to produce, transport and sell crude oil and petrochemical products, temporarily easing longstanding sanctions following recent talks in Switzerland.

U.S. Treasury Secretary said in a social media post that Washington was providing temporary sanctions relief on Iranian oil and petrochemical exports after negotiations held in Switzerland.

According to the Treasury Department, the license allows Iran to continue producing, shipping and selling crude oil and petrochemical products through Aug. 21, 2026.

The department said the authorization also permits the import of Iranian crude oil, petroleum and petrochemical products into the United States under the terms of the license.

The United States had previously imposed restrictions on Iran’s oil exports as part of broader economic sanctions.

Earlier, Reuters, citing a senior Iranian official, reported that a proposed agreement between Washington and Tehran could include temporary easing of oil sanctions, allowing Iran to resume oil sales and access related revenues. The report also said the United States would refrain from imposing new economic sanctions on Iran while negotiations toward a final agreement continue.