The United States has temporarily opened the door to Iranian oil sales and dollar-denominated payments, marking the first major sanctions relief for Tehran since President Donald Trump reimposed sweeping curbs in 2018.The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued General Licence X, authorising transactions related to the production, sale, transportation and offloading of Iranian crude oil, petroleum products and petrochemicals through August 21, 2026.The move comes days after the United States and Iran agreed on a roadmap towards a final settlement under the June 18 Islamabad Memorandum and following high-level talks in Switzerland mediated by Pakistan and Qatar.The licence allows transactions ordinarily required for the sale and delivery of Iranian-origin oil and petrochemicals, including shipping, insurance, vessel management, docking and emergency repairs.Significantly, the Treasury Department also authorised payments owed to Iran for such purchases to be made in US dollar-denominated funds, providing Tehran access to the global currency at a time when Washington’s sanctions regime had largely isolated the country from the international financial system.The temporary waiver is expected to facilitate the return of Iranian crude to international markets and ease concerns over global energy supplies amid continuing tensions in West Asia.The decision appears to align with commitments undertaken under the Islamabad Memorandum, which envisages measures relating to Iran’s oil exports and the release of frozen Iranian assets as part of the broader peace process.Iranian Foreign Minister Seyed Abbas Araghchi had earlier signalled progress on that front, saying mediation efforts by Pakistan and Qatar had delivered “major progress” and that restrictions on Iran’s oil and petrochemical exports had been lifted while some frozen assets had been released.“Tireless Pakistani and Qatari mediation has delivered major progress to end Lebanon War,” Araghchi had said.The sanctions relief coincides with the conclusion of the first round of high-level talks between Washington and Tehran at Bürgenstock in Switzerland, where the two sides agreed on a 60-day roadmap towards a final agreement and established mechanisms to safeguard shipping through the Strait of Hormuz and monitor the ceasefire in Lebanon.While the sanctions themselves remain formally in place, the general licence effectively suspends restrictions on specified oil-related activities for the next two months.However, the authorisation excludes transactions involving North Korea, Cuba and Russian-controlled regions of Ukraine, and does not override sanctions imposed under other executive orders.The latest move represents one of the most consequential confidence-building measures undertaken by Washington since the beginning of the current diplomatic process and underscores the Trump administration’s effort to sustain momentum towards a broader accord with Tehran.