The Iranians just caught a huge break.
On Monday, the Trump administration eased oil restrictions on Iran.
Treasury Secretary Scott Bessent announced on Monday due to Iran opening the Strait of Hormuz, the United States will authorize the production and sale of Iranian oil.
Take a look:
Under President @realDonaldTrump and @VP, we continue to make the world safer and more prosperous.
In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency…
— Treasury Secretary Scott Bessent (@SecScottBessent) June 22, 2026
Full text:
Under President Trump and @VP, we continue to make the world safer and more prosperous.
In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country.
As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil.
BREAKING: The US has issued Iran a general oil-related license allowing the production, delivery, and sale of Iranian-origin oil, petrochemical, and petroleum products through August 21st.
Iranian oil is officially returning to global markets for the first time since 2018.
— The Kobeissi Letter (@KobeissiLetter) June 22, 2026
Fox News had the full scoop on the move by the Trump administration:
The Trump administration has temporarily authorized the production, delivery and sale of Iranian oil under a new 60-day license, Treasury Secretary Scott Bessent announced Monday.
The general license was announced as the U.S. and Iran continue talks with a goal of reaching a final peace deal. It eases the restrictions on Iranian crude oil and petrochemical and petroleum products through August 21.
“In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country,” Bessent wrote on X.
ADVERTISEMENT“As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil,” he continued.
The license further states that people in North Korea, Cuba, or the Crimea region of Ukraine cannot buy Iranian oil or benefit from its sale.
Vice President JD Vance on Monday said one goal achieved through high-level talks in Switzerland was establishing a mechanism to keep the Strait of Hormuz open and prevent disputes in the strategic shipping lane from escalating into a wider conflict.
Oil prices have since plunged in response to the news:
🚨 JUST IN: Oil has PLUNGED below $74 per barrel as President Trump and JD Vance keep scoring diplomatic wins with Iran
GREAT!
Watch gas go back down ahead of the midterms 🇺🇸 pic.twitter.com/9r2IEYZhw0
— Eric Daugherty (@EricLDaugh) June 22, 2026
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