U.S. authorizes Iranian oil exports

The United States Treasury Department announced today a general license for Iran to produce and export its oil without sanctions. This measure, promised by last week’s memorandum of understanding, lasts for 60 days. The license doesn’t allow Iran to sell oil to North Korea or Cuba, but apparently it exempts China, one of Iran’s main backers. Treasury Secretary Scott Bessent linked this to Iran’s commitments “to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (iaea) inspectors into their country.” The U.S. and Iran have yet to sign a lasting peace deal that commits Iran to specific obligations. Yet the U.S. apparently trusts Iran’s “goodwill” enough to give it concessions based on little more than its word.