US issues 60-day waiver easing Iran oil sanctions as Switzerland talks advance
The US Treasury on June 22 issued a 60-day license authorizing the production, delivery and sale of Iranian crude oil, petrochemicals and petroleum products, the first material sanctions relief tied to the ongoing US-Iran talks in Switzerland. The waiver runs through August 21 and excludes transactions touching North Korea, Cuba or Russian-occupied Ukraine.
The relief follows a 60-day memorandum of understanding signed June 17 and is meant to test whether negotiations can produce a durable agreement. Treasury Secretary Scott Bessent called the talks “productive,” saying Iran has committed to keeping the Strait of Hormuz open and to allowing IAEA inspectors back in. Vice President JD Vance said the two sides “laid a very good foundation for a successful final deal.”
The temporary, time-limited structure functions as leverage: the license expires unless the broader negotiation advances, giving Washington a near-term lever to withdraw relief. Markets read the move as easing supply risk, with Brent crude falling more than 3.5 percent to about $77.70 a barrel.