US lifts sanctions on Iranian oil exports

During Monday’s peace talks, Iran’s foreign ministry said the removal of sanctions on its oil exports was a key promise Washington had to honour to continue negotiations for a final peace agreement.

The removal fulfils one major aspect of the memorandum, in which the US pledges to “terminate all types of sanctions” against Iran and to “make fully available for use the frozen or restricted funds and assets” of Tehran.

Scott Bessent, the US treasury secretary, wrote on X: “In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country.

“As part of the framework, [the] Treasury has issued a temporary 60-day general license authorising the production, delivery, and sale of Iranian oil.”

Earlier, JD Vance, the US vice-president, claimed that Tehran had “agreed to invite” inspectors from the IAEA into the country this week to assess the state of its 450kg of highly enriched uranium.

The memorandum sets a 60-day period for negotiators to settle the future of Iran’s nuclear programme. Iran said it held a “brief discussion” with the US over its nuclear programme during the talks in Switzerland, but insisted negotiations on the issue had not begun.

Oil prices fell after the sanctions were lifted. The price of Brent crude dropped by more than 3 per cent to $77 a barrel, down from a peak of almost $120 last month.

[Source: The Guardian]