The US treasury has issued a 60-day license permitting countries to continue purchasing Iranian oil, providing temporary relief from sanctions restrictions.An aerial view shows the fuel depot of Aral at the Ruhr Oel petroleum refineries of BP Gelsenkirchen GmbH in Gelsenkirchen, western Germany on April 7, 2026. (AFP)The move allows nations importing Iranian oil and other energy products to maintain transactions for the next two months under the terms of the license.The license authorises the production, delivery and sale of Iranian oil and will remain in effect through August 21.The move came on Monday as US Vice President JD Vance said his lengthy talks with senior Iranian officials in Switzerland had created a "good foundation for a successful final deal."Negotiators are seeking a permanent end to the US-Iran war.Follow here for live updatesAll ‘necessary’ transactions part of licenseThe Office of Foreign Assets Control (OFAC) on Sunday released General License X, titled "Authorizing the Production, Delivery and Sale of Crude Oil, Petrochemical Products, and Petroleum Products of Iranian-Origin through August 21, 2026."According to the document, all transactions that are "ordinarily incident and necessary to the production, sale, delivery, or offloading of crude oil, petrochemical products, or petroleum products of Iranian origin" are authorized under the license.The document states: “(a) Except as provided in paragraph (b) and (c), all transactions prohibited by the above-listed authorities that are ordinarily incident and necessary to the production, sale, delivery, or offloading of crude oil, petrochemical products, or petroleum products of Iranian origin, including transactions involving vessels blocked under the above-listed authorities, are authorized through 12:01 a.m. eastern daylight time, August 21, 2026.”The move effectively allows countries importing Iranian oil and other energy products to maintain transactions for the duration of the license, despite broader US sanctions targeting Tehran.