The US Treasury Department on Monday issued a 60-day licence, authorising production, delivery and sale of Iranian oil and thereby waiving sanctions on the country.
The temporary general licence was announced as the two sides continue talks to reach a final peace deal.
"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," Treasury Secretary Scott Bessent said in a post on X.
"As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil."
This comes as mediators Pakistan and Qatar jointly stated on Monday that Iran and the US agreed on a roadmap towards reaching a final deal in 60 days.
Earlier in the day, US Vice President J.D. Vance said that "great progress" was made during the talks in Switzerland, creating a "good foundation for a successful final deal."
Vance claimed progress on multiple fronts, including the establishment of "mechanisms" to ensure the Strait of Hormuz remains open and that a ceasefire in the fighting between Israel and the Hezbollah holds.
Iranian Foreign Minister Abbas Araghchi wrote on X that mediators delivered "major progress to end the Lebanon War." But he said the first "real test" of negotiations would be whether the mechanism succeeds in halting the fighting between Israel and Hezbollah.
