Treasury approves Iranian oil sales through August

The U.S. Treasury Department has authorized the production, delivery, and sale of Iranian oil for 60 days, a move that will remain in effect through Aug. 21 unless renewed. Treasury Secretary Scott Bessent said the temporary license followed what he described as productive talks between U.S. and Iranian officials in Switzerland over the weekend. The authorization also allows the import of Iranian oil and refined products into the United States, with payment possible in dollars. The decision comes after weeks of disruption to oil shipping in the region, including restrictions on Iran’s ports and coastal areas and concerns over traffic through the Strait of Hormuz. U.S. officials said Iran has also agreed to permit international weapons inspectors to return and keep the strait open to transit during the 60day period.