The license, issued on Monday, provides a significant reprieve for Iran’s energy sector and is expected to support the country’s oil exports during the negotiation period. The move may also help reduce concerns over disruptions to global crude supplies and ease pressure on energy markets.
The decision follows diplomatic engagement between Washington and Tehran, with US Vice President JD Vance stating that extensive discussions with senior Iranian representatives in Switzerland had established a strong basis for a broader peace agreement.
According to Vance, negotiators have not yet reached a final settlement but have made meaningful progress towards one. Speaking after initial talks with Iranian parliamentary speaker Mohammad Bagher Qalibaf, he said the discussions had created the groundwork needed for a lasting agreement.
The negotiations, referred to as the “Lake Lucerne Summit”, began on Sunday and continued into the early hours of Monday. Mediators involved in the process said both sides advanced discussions on several key issues and agreed to continue technical-level talks later this week.
Although US President Donald Trump was not present at the talks, comments he made from Washington influenced proceedings. Iranian state media reported that negotiations were briefly paused following the publication of what it called an “insulting message” from Trump, though talks later resumed.
Vance rejected suggestions that the remarks had undermined the discussions, noting that negotiations continued well beyond midnight despite threats from Iranian officials to leave the table.
The talks are focused on securing a permanent settlement, including discussions on Iran’s nuclear programme, maintaining security in the Strait of Hormuz and preserving the ceasefire between Israel and Hezbollah in southern Lebanon. Iranian Foreign Minister Abbas Araghchi described the discussions as having achieved “major progress”, particularly on efforts to end hostilities in Lebanon.
