On Monday, the U.S. Treasury issued a temporary 60-day general license allowing the production, delivery, and sale of Iranian oil, a move resulting from recent talks between Tehran and Washington in Switzerland. This authorization, which expires on August 21 unless renewed, comes amidst conflicting reports about the status of the Strait of Hormuz, which Iran claimed to have closed, although U.S.
Central Command stated it remained open. Vice President JD Vance noted that Iran agreed to permit weapons inspectors from the International Atomic Energy Agency to return, and Tehran committed to ensuring free transit through the strait.
Following the easing of restrictions, Iranian supertankers have resumed operations, with exports previously plummeting to 260,000 barrels per day in May due to the U.S. blockade, down from over 1.5 million barrels per day before the sanctions.
Ship traffic through Hormuz has seen fluctuations, with a notable increase to 35 crossings on Saturday, although it fell to 17 on Sunday amid uncertainty regarding the strait's status. Overall, this development could lead to a gradual recovery of Iranian oil exports, primarily to China, and may influence global oil market dynamics