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Geopolitics · Iran Sanctions · Nuclear Inspections · Oil Supply
The US temporarily waived sanctions on Iran, allowing it to sell oil in US dollars for 60 days, following initial talks in Switzerland between Washington and Tehran aimed at a final deal to end the war, though Iran denies new commitments on nuclear inspections.
US Vice-President JD Vance stated discussions with the International Atomic Energy Agency (IAEA) could happen "as soon as today" regarding nuclear inspectors returning, a claim Iran's foreign ministry spokesman Esmail Baqai denied, asserting "no new commitments" were made. The 60-day waiver, issued by the US Treasury, dismantles central pillars of Washington's embargo, authorizing Iranian crude and petrochemical sales until August 21, including direct imports into the US.
Treasury Secretary Scott Bessent indicated Tehran committed to keeping the Strait of Hormuz open and allowing IAEA inspectors in exchange for the waiver. Mediators Qatar and Pakistan confirmed a "roadmap towards reaching a final deal within 60 days" and established a "communication line" for the Strait of Hormuz and a "de-confliction cell" for Lebanon.
US President Donald Trump issued warnings about Iran's compliance.