The United States has authorized the production, delivery and sale of Iranian oil for 60 days, implementing a key provision of a recent memorandum of understanding between Washington and Tehran aimed at advancing talks toward a final agreement.

The waiver, announced Monday by the US Treasury Department, allows the production, delivery and sale of Iranian-origin crude oil, petrochemicals and petroleum products through Aug. 21.

The move comes days after Iran and the United States reached an Islamabad-mediated understanding and follows intensive talks in Switzerland focused on implementing the accord.

Treasury Secretary Scott Bessent said the measure was issued as part of the framework agreed between the two sides.

“In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz,” he wrote, also claiming that Iran will permit International Atomic Energy Agency (IAEA) inspectors into the country.

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

Under the memorandum signed last week, Washington agreed to grant waivers for the export of Iranian crude oil, petroleum products and derivatives, along with associated services, including banking transactions, insurance and transportation.

Source: Presstv