US issues license for Iran’s oil exports, permission granted

Updated: 10:10 PM PKT — June 22, 2026

US Treasury Secretary Scott Bessent has stated the temporary sanctions waiver for Iran follows “productive talks” held in Switzerland. According to Bessent, Iran has committed to ensuring free and open transit through the Strait of Hormuz and will permit International Atomic Energy Agency (IAEA) inspectors access to the country.

The 60-day general license, effective through August 21, 2026, represents a notable shift in US policy as both sides continue negotiations on a broader agreement covering regional security and nuclear oversight.

Updated: 8:02 PM PKT — June 22, 2026

Following the announcement of a temporary license for Iranian oil sales, global oil prices have decreased. US crude fell by $1.96 to $73.89 per barrel, while Brent crude dropped by $2.62 to $77.95 per barrel. The 60-day general license issued by the US permits Iran to sell crude oil, petroleum, and petrochemical products, with buyers authorized to make payments in US dollars. The license also allows for the import of these products into the United States.

A joint statement by mediating nations Pakistan and Qatar revealed that both the US and Iran have agreed to a 60-day roadmap for a final deal. A high-level committee, facilitated by Pakistan and Qatar, will oversee the process, with working groups to be formed for the nuclear program, sanctions, and conflict resolution. The agreement also includes establishing a de-confliction cell to ensure the cessation of military operations in Lebanon and a coordination system for safe passage through the Strait of Hormuz.

Updated: 7:30 PM PKT — June 22, 2026

The United States Treasury Department has issued a general license permitting the sale of Iranian crude oil, petroleum, and petrochemical products until August 21, a significant step following recent diplomatic talks in Switzerland.

The move comes after negotiations established a 60-day framework for a final deal. According to US officials, Iran has committed to ensuring free and open passage through the Strait of Hormuz and will allow the return of International Atomic Energy Agency (IAEA) inspectors to monitor compliance.

US Vice President JD Vance said the talks built a strong foundation for a final agreement. He also stated the US was working on safeguards to ensure any future release of frozen Iranian funds would directly benefit ordinary citizens. Discussions with IAEA inspectors are expected to begin within days.

From his side, Iranian Foreign Minister Abbas Araghchi announced the end of the naval blockade on the Strait of Hormuz, anticipating an improvement in regional trade and energy supply. Araghchi confirmed that concessions for Iran’s oil exports and the lifting of some sanctions had been agreed upon, along with the release of some frozen assets. He stated these measures would help stabilize the Iranian economy and that the government would launch a major national project for development.

The Iranian Foreign Minister also noted significant progress towards ending the war in Lebanon and expressed hope that the recent diplomatic progress would foster peace and stability across the Middle East.