Trump’s Treasury Department says that Iran can now sell oil, stripping decades of U.S. sanctions policy in one fell swoop—and it’s not clear that the United States is getting anything in return.
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.
The sanctions waiver allows Iran to sell its oil at market rate, after decades of having to sell it at a reduced price to buyers willing to dodge U.S. sanctions. Shockingly, the license also allows U.S. refineries to import Iranian oil—reversing more than 40 years of strict sanctions, and giving Iran’s economy a much-needed boost.
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.
Over the weekend, the Iranian military briefly shuttered trade through the Strait of Hormuz, citing Israel’s continued ceasefire violations in Lebanon. While Iranian Foreign Minister Abbas Araghchi announced that mediators delivered “major progress” to end the fighting in Lebanon, neither Hezbollah nor Israel are actual signatories to the U.S.-Iran peace deal. It’s still unclear how that conflict will resolve, meaning the future of the entire agreement, and the strait, remains unclear.
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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