The US Treasury Department has issued a license granting a 60-day waiver on sanctions against Iranian oil as part of an interim agreement to end the war with Iran. This license permits the production, delivery, and sale of Iranian oil and remains in effect until August 21.
The license was revealed on Monday after US Vice President JD Vance stated that his lengthy discussions with senior Iranian officials in Switzerland had laid “a good foundation for a successful final agreement”—negotiations aimed at permanently ending the war that the US and Israel had launched in late February.
Speaking to reporters after initial talks with Iranian Parliament Speaker Mohammad Bagher Ghalibaf, Vance said, “The final agreement is the house. We have laid the foundation. We haven’t built the house, but we have laid a successful foundation to reach a good position for the American people.”
Iran noted “significant progress” toward ending the fighting in Lebanon, describing it as the first real test of the negotiations. The mediation efforts in Switzerland, which began on Sunday and continued into Monday morning, faced some difficult moments. However, mediators stated that the talks yielded some agreements, and technical discussions are set to continue this week.
Trump did not attend the “Lake Lucerne Summit,” yet his presence was clearly felt. Trump’s statements caused disruptions in the talks; comments made from thousands of miles away angered the Iranian side. Iranian state media reported that negotiations had stalled following the publication of an “insulting message from the US President.”
The talks later resumed. Vance denied that Trump’s threats had complicated the negotiations, stating, “No, he did not hinder the negotiation process.” He further stated, “Yes, they did threaten to walk away from the talks—or at least made threats on social media that they would pull out. But we were still negotiating past 1 a.m. last night, so they didn’t leave.”
The Vice President suggested that the U.S. might agree to release Iran’s frozen assets for the purchase of American soy, corn, and wheat. He noted that this idea had been proposed by Jared Kushner—Trump’s son-in-law and a key U.S. negotiator—in collaboration with Qatari officials. Vance stated that the process would have Qatar’s approval, and the funds Iran receives after sanctions are lifted would be used to purchase American products “for the benefit of the Iranian people.” Iran, which has been demanding the unfreezing of billions of dollars in assets, has not commented on this proposal. These assets had become inaccessible due to years of sanctions, banking restrictions, and legal disputes imposed on the Islamic Republic by the U.S. and the international community.
Mediators Pakistan and Qatar described this as “encouraging progress” in a joint statement. An interim agreement reached last week between U.S. and Iranian leaders to end hostilities has set a 60-day window for negotiators. This includes addressing issues such as the future of Tehran’s nuclear program, amid concerns that Iran intends to use it for military purposes—claims that Iran denies. Vance and U.S. officials claimed progress on several fronts.
These include devising “methods” to keep the Strait of Hormuz (a vital maritime route for global energy shipments) open and maintaining the ceasefire between Israel and Iran-backed Hezbollah fighters in southern Lebanon. Upon returning to Washington, Vance remarked that technical discussions are crucial. He told reporters, “We wanted to establish a framework for this to ensure proper political oversight, but obviously, as beautiful as this place is, I cannot stay here for the next 60 days.” US envoys Kushner and Steve Witkoff are handling the technical details. Meanwhile, investors observed the fluctuations in Trump’s strategy regarding Iran; trading was mixed early Monday, and oil prices dipped slightly due to renewed hopes for progress in US-Iran talks.
