Trump Waives Iran Oil Sanctions as Nuclear Talks Hit Turbulence in Switzerland
The U.S. Treasury authorized Iranian oil sales for 60 days as JD Vance met Iranian officials at Switzerland's Bürgenstock resort, but contradictory claims over IAEA inspections and a fresh Hormuz incident underscore how fragile the emerging deal remains.
A 60-Day Window Opens
The U.S. Treasury issued a general license on June 22 authorizing the production, delivery and sale of Iranian oil for 60 days, temporarily lifting sanctions that have been central to American pressure on Tehran for decadesthehill. Treasury Secretary Scott Bessent cited "ongoing productive talks in Switzerland," noting that Iran had committed "to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country."thehill The waiver runs through August 21 — the deadline in a memorandum of understanding signed by the U.S. and Iran the previous week for both sides to reach a final agreementbbc.
Vance at Bürgenstock, Mixed Signals on Nuclear Access
The sanctions relief came as Vice President JD Vance led the U.S. delegation at the Bürgenstock resort in Switzerland, where he sat across from Iran's lead negotiator Mohammad Bagher Ghalibafbbc. Vance told reporters that Iran had agreed to invite IAEA inspectors back, calling it "the first step in permanently ending a nuclear weapons programme in Iran."bbc Iran's Foreign Ministry pushed back, saying only a "very brief discussion took place regarding the nuclear issue" and that Tehran had accepted "no new commitments."bbc The IAEA's last estimate put Iran's stockpile of uranium enriched to 60% at 440 kilograms — well above civilian thresholds, given that weapons-grade enrichment typically reaches 90%bbc.
Roadmap, Mediators and Market Moves
Mediators Qatar and Pakistan announced that both sides had agreed to "a roadmap towards reaching a final deal within 60 days" and to establish a communication channel to prevent incidents in the Strait of Hormuznpr. Pakistani Prime Minister Shehbaz Sharif and the country's army chief attended alongside the Qatari prime ministernpr. Financial markets moved quickly: Brent crude fell more than 1% to around $79.70 a barrel on optimism about returning Iranian supply, having traded near $70 before the war began in late Februarybbc. Analysts noted that the pace at which tankers return to the strait — through which around 20% of the world's oil and gas travels — will determine how much pressure on prices actually easesthehill +1.
Fragile Progress, Persistent Friction
The talks were tested immediately. Trump posted threats to "hit Iran very hard again" if Tehran did not restrain Hezbollah in Lebanon, prompting Ghalibaf to say Iran's forces were "prepared for confrontation."npr Iran's military separately announced a closure of the Strait of Hormuz over the weekend, though U.S. Central Command said shipping was proceeding normally and tracking data showed vessels still transitingnpr. An IRGC strike on a cargo ship near Oman further complicated negotiationscbsnews. Despite the turbulence, negotiators worked well past midnight, with a senior U.S. diplomat saying discussions covered nuclear monitoring, Lebanon de-escalation and deconfliction mechanisms in the straitnpr.