The US Department of the Treasury has announced the issuance of a temporary general license, which allows transactions related to Iranian oil and petroleum products for 60 days—until August 21.

The document allows the extraction, transportation, and sale of Iranian oil as well as petrochemicals and petroleum-derived products.

US Treasury Secretary Scott Bessent said that this decision is related to the negotiations underway in Switzerland. According to him, as part of the agreements reached, Iran has committed to ensuring unhindered transit through the Strait of Hormuz and allowing the International Atomic Energy Agency (IAEA) inspectors to enter the country.

The US Treasury Department added that this license is temporary and is part of the ongoing negotiation process for a more comprehensive agreement.