U.S. Treasury extends Iran oil sanctions pause

The U.S. Treasury Department announced the suspension of its sanctions on Iranian oil until August 21, under a memorandum of understanding with Iran signed last week, allowing for legal dealings involving the production and sale of Iranian oil during this period. Minister Scott Pruitt explained that this measure is part of ongoing talks in Switzerland, where Iran committed to free passage through the Strait of Hormuz and to permit the International Atomic Energy Agency to access the country, alongside issuing a temporary license for 60 days to facilitate the export of Iranian oil.

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