Washington says the 60-day license follows Iran’s commitments on Strait of Hormuz transit and IAEA inspections, as talks continue in Switzerland toward a final deal1 View gallery (Photo: Reuters)"In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country," Treasury Secretary Scott Bessent said in a post on X."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 of understanding signed last week between Washington and Tehran, the United States agreed to issue waivers for the export of Iranian crude oil, petroleum products and derivatives, and all associated services, including banking transactions, insurance and transportation.Transactions authorized in Monday's general license include importation of Iranian-origin crude oil, petrochemical and petroleum products to the United States.The license says Iranian oil can be imported into the United States under the waiver when necessary to complete its sale or delivery.It does not authorize transactions involving North Korea or Cuba, countries heavily sanctioned by the United States.