22.06.2026 17:20
Following the positive progress in the US-Iran talks in Switzerland, the expected decision from the US has arrived. The US announced the issuance of a 60-day temporary general license allowing the production, delivery, and sale of Iranian oil.
U.S. Treasury Secretary Scott Bessent announced the issuance of a 60-day temporary general license allowing the production, delivery, and sale of Iranian oil.
FIRST RESULT OF US-IRAN TALKS ARRIVES
In a post on the U.S.-based social media platform X, Bessent stated, "Under President Donald Trump and Vice President JD Vance, we continue to make the world safer and more prosperous." Bessent noted: "In line with the productive ongoing talks in Switzerland, Iran has committed to free and open passage in the Strait of Hormuz."
"60-DAY PRODUCTION, DELIVERY, AND SALE PERMIT"
Bessent also claimed that Iran had agreed to "allow International Atomic Energy Agency (IAEA) inspectors to enter their country." Bessent added, "As part of this framework agreement, the Treasury has issued a 60-day temporary general license authorizing the production, delivery, and sale of Iranian oil."
Issued by the U.S. Office of Foreign Assets Control (OFAC) and referred to as "General License X," this license permits all transactions related to the production, sale, delivery, or offloading of crude oil, petrochemical products, and petroleum products of Iranian origin until August 21, 2026.
BRENT OIL DROPS 3.5 PERCENT
The decision had an immediate impact on Brent oil. Brent crude fell approximately 3.5 percent to around $77.7 per barrel, trading near its lowest level since early March.