Treasury Secretary Scott Bessent announced Monday that the U.S. had issued a “temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil,” in return for the country’s commitments to maintaining “free and open transit” in the Strait of Hormuz and admitting inspectors from the International Atomic Energy Agency.
Sanctions relief is a key component in the 14-point memorandum of understanding between the two countries. Iran has yet to actually deliver on any of its promises, however.
As for visits from IAEA inspectors, the memorandum of understanding asserts that Iran will commit to “down-blending” its enriched nuclear material under the agency’s supervision, but details on that process have been scarce. Notably, the supposedly major milestone is something the U.S. had already won—and then lost under Trump.
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