Washington has eased key oil sanctions on Tehran, signalling a tentative diplomatic thaw

Highlights
Energy secretary suggests oil is moving through the Strait of Hormuz at pre-Iran war levels - except it is not
When Trump proclaimed that there was "a lot of oil pouring out" of the strait, Energy Secretary Chris Wright suggested that oil and natural gas were flowing through at "pre-crisis levels."
"We could get to above that, we will get above that," Wright added. Trump then suggested that "two days ago" there had been a record in terms of oil being taken out of the strait.
Neither of those statements were true.
According to data and analytics firm Kpler, there were 71 confirmed transits over the weekend, with a peak of 35 crossings on Saturday.
About 100 to 130 vessels passed through the strait each day before the war.
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US President Donald Trump said Monday that he could refuse to help NATO countries as pay back for the lack of support from member nations with the US military operation in Iran.
"We spent all of this money. And then when we want to maybe have help on small stuff... They say no we would rather not help," Trump said during a press conference in the Oval Office.
Iran has pushed back against claims made by US Vice President JD Vance that Tehran had agreed to allow international nuclear inspectors into the country, with Iranian Foreign Ministry spokesperson Esmaeil Baqaei stating that the country's engagement with the International Atomic Energy Agency (IAEA) would continue strictly under existing safeguards obligations and domestic legal frameworks.
Speaking to Iran's state-run news agency IRNA on Monday, following the recent US-Iran technical talks held in Switzerland, Baqaei responded to Vance's remarks, stating that the interaction with the UN nuclear watchdog will be based on the "Safeguards Agreements" between Tehran and the IAEA.
"Iran's interactions with the Agency, in accordance with Iran's obligations under the Safeguards Agreements, will continue according to existing procedures and comply with the laws enacted by the Islamic Consultative Assembly and the decisions of the Supreme National Security Council (SNSC)," Baqaei told IRNA.
The lead negotiator of the Iranian delegation, Mohammad Bagher Ghalibaf, insisted on Monday the Strait of Hormuz will be managed by Iran and would follow international laws.
Qalibaf, who is also the speaker of the parliament, spoke with Iran state media on a plane on his way back from Switzerland.
“Hopefully we can activate the strait again, in terms of passage, and bring prosperity back to regional and global economy” he said.
Ghalibaf confirmed that the issue of releasing the frozen assets as well as the sale of Iranian oil were discussed in the talks with the U.S.
Ghalibaf and the Foreign Minister, Abbas Araghchi, arrived on Monday night in Oman where they met with the country’s Foreign Minister Badr Al Busaidi to discuss the peace efforts and ensure safety navigation in the Strait of Hormuz.
Commercial tanker traffic through the Strait of Hormuz has resumed, easing concerns over global energy supplies, while the reopening of Iranian exports is expected to restore additional barrels to international markets and broaden Tehran's customer base beyond the limited channels it relied on under sanctions.
According to data and analytics firm Kpler, there were 71 confirmed transits over the weekend, with a peak of 35 crossings on Saturday. About 100 to 130 vessels passed through the strait each day before the war.
Tilak Pokharel, a spokesperson for the UN peacekeeping force in southern Lebanon known as UNIFIL, said Monday evening that a ceasefire between Israel and Hezbollah appears to be holding.
“We have not detected trajectories from either side since yesterday,” he said. “We have also not seen airstrikes,” although he added that peacekeepers “continue to observe air(space) violations and IDF ground movements.”
The United States on Monday granted Iran a 60-day waiver from key oil sanctions following the first round of talks under a fledgling peace agreement, paving the way for Tehran to resume legal crude exports to global markets after months of wartime disruption.
The temporary licence, issued by the US Treasury, authorizes the sale, transport, financing and insurance of Iranian crude and petroleum products through Aug. 21, reversing restrictions imposed during the conflict that began on Feb. 28.
The sanctions relief came as officials reported a return to calm in Lebanon after fighting linked to the regional conflict, and after Iran lifted its closure of the Strait of Hormuz under the terms of the interim accord.
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US Vice President JD Vance said that the opening round of peace talks with Iran had laid "a good foundation for a successful final deal" to end the conflict that erupted in late February.
His remarks came after he concluded an extended session of negotiations with Iranian Parliament Speaker Mohammad Bagher Ghalibaf, part of a diplomatic push to transform the recent ceasefire into a permanent peace agreement.
Vance also said Iran had agreed to allow inspectors from the International Atomic Energy Agency (IAEA) to return to the country, a move that would mark a significant step toward restoring international oversight of Tehran's nuclear programme. Iranian officials, however, did not confirm the claim, leaving the scope and timing of any renewed inspections unclear.
“We left a lot of our team. The Iranians left a lot of their team at the resort there to keep on working at it,” Vance told reporters just before he got on Air Force Two for the return flight to the US.
Vance did not give details on which US negotiators are staying in Switzerland to continue to work out details of the interim agreement with Iran.
Trump has said on social media that Iran must agree to “major weapons inspections” over an extended period.
In a post, Trump stated that “everybody is fully aware” Iran would need to accept comprehensive inspections to ensure what he described as “nuclear honesty” in the long term.
The remarks reference a framework similar to the Obama-era nuclear agreement, which included international inspections before Trump withdrew the US from the deal during his first term.
JD Vance described his talks in Switzerland as “very productive”, but cautioned that “you can’t trust anybody’s words”.
He said a mechanism had been established to ensure the Straits of Hormuz remain open and will continue to stay open.
The US Vice President also claimed Iran had allowed weapons and nuclear inspectors “into the country for the first time in a long time”, reiterating progress made during the discussions.
Iran has rejected US Vice President JD Vance’s claim that Tehran agreed to allow IAEA inspectors back, saying cooperation with the UN nuclear watchdog will continue only under existing procedures, according to CNN.
Foreign Ministry spokesperson Esmaeil Baghaei said Iran’s engagement with the IAEA remains “in accordance with safeguard agreements” and aligned with domestic legal and security frameworks, including parliamentary resolutions and decisions of the Supreme National Security Council.
He stressed that Iran has not accepted any new commitments regarding inspections, following US statements made after talks in Switzerland, according to IRNA.
Under Iranian legislation passed last summer, cooperation with the IAEA has been suspended, limiting inspection activity.
IRNA also reported that nuclear issues were not addressed during lengthy US-Iran discussions, and that arrangements over inspections, enriched uranium stockpiles, and access to nuclear sites would depend on future mechanisms to be finalised in any eventual agreement.
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Iran’s top negotiator Mohammad Bagher Ghalibaf and Foreign Minister Abbas Araghchi are travelling to Oman for discussions focused on the management of the Strait of Hormuz, according to official remarks.
Ghalibaf said in a post on Telegram that the visit will focus on “consolidating Iranian arrangements for managing the strait” and strengthening bilateral coordination with Omani officials.
US Secretary of State Marco Rubio will begin a trip to three Gulf countries on Tuesday amid negotiations with Iran to end the war in the Middle East, his spokesperson said.
In his first trip to the region since the United States and Israel started the war on February 28, Rubio will visit the UAE, Kuwait and Bahrain, State Department spokesman Tommy Pigott said in a statement. The trip is scheduled to run through Thursday.
Rubio will discuss "the memorandum of understanding with Iran, efforts to secure full and free safe transit through the Strait of Hormuz, and the importance of peace and stability in the region," the statement said.
In Bahrain on Thursday, Rubio will also meet with the Gulf Cooperation Council to discuss common priorities with the region.
Rubio will have a difficult task restoring trust with the Gulf states, which have been targeted by Iran in retaliation for US-Israeli strikes.
Day 115: Iran will agree to allow weapons inspection: Vance
Day 114: Iranian military says halting offensive vs Israel
Day 113: Trump threatens US tolls on Hormuz strait if Iran talks fail
Day 112: Israeli strike hits south Lebanon despite truce deal
Day 111: Iran leader approves US deal despite 'different view'
Day 110: Trump signs surprise interim deal with Iran to pause war