The U.S. Treasury Department Has Temporarily Authorized The Sale Of Iranian Oil

How will this affect prices?

The U.S. Department of the Treasury has issued a 60-day license authorizing the production, supply, and sale of Iranian oil, reported U.S. Treasury Secretary Scott Bessent on the X network.

According to him, as part of ongoing productive negotiations in Switzerland, Iran has committed to ensuring free and open transit through the Strait of Hormuz and to allowing inspectors from the International Atomic Energy Agency (IAEA) to enter the country.

“As part of this agreement, the Treasury Department has issued a temporary 60-day general license authorizing the production, supply, and sale of Iranian oil,” Bessent noted.

The decision will increase global oil supply and will also help calm the markets and lower the price of “black gold.”

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