The United States has authorized Iranian crude oil exports for a 60-day period, extending through August, following diplomatic negotiations between Tehran and Washington.
Treasury Secretary Scott Bessent announced the decision on Monday, citing "productive talks" held in Switzerland over the weekend as the catalyst for the temporary license.
The move marks a concrete step in a broader diplomatic framework aimed at reducing tensions between the two nations.
The authorization directly addresses supply-side uncertainties that have weighed on global energy markets.
By permitting Iranian oil to flow into international markets, the license effectively removes a significant geopolitical premium from crude prices.
Market participants are likely to view this as a short-term relief valve, reducing the immediate risk of supply disruptions linked to Strait of Hormuz tensions.