US authorizes Iranian oil and petrochemical sales

The United States authorized Iranian oil sales on Monday, easing decades-old sanctions as it pushes toward a final peace deal with Tehran. According to Reuters, the general license, announced by the Treasury Department, allows the sale of crude oil and petrochemical and petroleum products of Iranian origin through August 21.

This move marks a significant shift in US policy toward Iran, which has been under heavy economic sanctions for years. The authorization is seen as a gesture of goodwill amid ongoing negotiations between the two countries. The license covers a wide range of petroleum products, including crude oil, petrochemicals, and refined products.

The decision comes as part of broader efforts to reach a comprehensive agreement that would address Iran's nuclear program and other regional issues. The temporary nature of the license, expiring on August 21, suggests that the US is testing the waters before committing to a longer-term arrangement.

Iranian officials have welcomed the move but remain cautious, noting that previous sanctions relief has been reversed. The authorization is expected to provide some economic relief to Iran, which has been struggling under the weight of sanctions. However, the impact may be limited given the short duration and the need for further negotiations.

According to the report by Mehr News Agency, the US Treasury Department's Office of Foreign Assets Control issued the general license, which also allows related transactions necessary for the sale and transport of these products. The license does not cover transactions involving entities on the US sanctions list, and compliance with existing regulations is required.