The US Treasury Department has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil.
US Treasury Secretary, Scott Bessent said in a post that under President Donald Trump and Vice President JD Vance, “we continue to make the world safer and more prosperous.”
Bessent added in the post that 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.”
The newly announced license will last through August 21, 2026. The license emerged as Vance said that his lengthy talks with senior Iranian officials in Switzerland created a “good foundation for a successful final deal.” Negotiators are seeking a permanent end to the war the U.S. and Israel began in late February.
The US Vice President made the comments at a Burgenstock news conference on progress in the US-Iran talks. Vance said that despite the Iranian delegation threatening to walk out, negotiations continued until early this morning.
Also, Vance noted that IAEA nuclear inspectors are set to return to Iran to verify its compliance with the preliminary agreement. “Our hope is that we get to the final deal and a permanent settlement but right now, I think we’ve made great progress and we should all celebrate that in terms of when the nuclear inspectors are going to start,” Vance told reporters.
The US Vice President disclosed that he phoned UN nuclear inspectors at 2am to let them know developments, however, no one picked up the call.
“As you can expect, not many people are answering their phone at two in the morning. I expect that will happen at the minimum this week, but we think even some of those conversations with the inspectors and with the IAEA could happen as soon as today.”
JD Vance
Additionally, Vance said that the US could agree to unfreeze Iranian assets for the purchase of US soya beans, corn and wheat.
“We wanted to make sure that we set up a process where if we ever unfreeze Iranian assets, we can ensure that Iranian money goes to help the people of Iran and not to fund terrorism. Jared Kushner actually came up with a very interesting solution with the Qataris, where basically – again if there is any frozen Iranian assets that are unfrozen – then we have approval over that process, the Qataris have approval over that process, and then the money would actually go to buy American corn and American wheat for the benefit of the Iranian people.”
JD Vance
Moreover, he stated that the US wants to make sure of proper coordination on Lebanon and technical talks will continue in the days and weeks to come. Vance said that he was returning to Washington, but he said that talks would continue between the American and Iranian “technical teams.” “We wanted to set up a structure for that so that you could have proper political oversight, but obviously, as much as this place is very beautiful, I can’t stay here for the next 60 days,” Vance told reporters.
Vance said that negotiators had been in constant contact with Israeli Prime Minister Benjamin Netanyahu as well as other countries in the region throughout the negotiations in Switzerland. Some hardliners in Israel’s government have criticized Netanyahu for being sidelined in the negotiations.
Rubio Heads To The UAE, Kuwait and Bahrain
Meanwhile, US Secretary of State Marco Rubio will travel to the United Arab Emirates, Kuwait and Bahrain this week as the Trump administration has stepped up efforts to end the war with Iran while Gulf countries remain uneasy about a proposed deal.
The State Department announced that Rubio would visit the three countries for bilateral meetings with leaders to discuss the memorandum of understanding reached last week between the US and Iran, weekend talks in Switzerland between senior Iranian and U.S. officials as well as security for American allies and partners in the Middle East, including the status of the Strait of Hormuz.
The department said in a statement that Rubio will discuss “regional priorities,” “efforts to secure full and free safe transit through the Strait of Hormuz, and the importance of peace and stability in the region.” While in Bahrain, Rubio will also meet with Gulf Cooperation Council officials “to discuss shared priorities.”
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