Treasury: US issues temporary Iran oil licence after reported Hormuz transit deal PHOTO

The U.S. Treasury Department said it had issued a temporary 60-day general licence authorising the production, delivery and sale of Iranian oil, following what it described as commitments by Tehran to allow “free and open transit” through the Strait of Hormuz and permit International Atomic Energy Agency (IAEA) inspections.

Treasury Secretary Scott Bessent said in a statement on X that under President Donald Trump and Vice President JD Vance, the administration continued to pursue policies aimed at “making the world safer and more prosperous”.

Bessent said the move came in line with ongoing talks in Switzerland, adding that Iran had agreed to the transit and inspection terms as part of a broader framework.