The US issued a 60-day sanctions waiver on Monday allowing Iran to sell oil in US dollars for the first time in decades, crude and petrochemicals, deliverable directly into the United States until August 21, and by Tuesday Iran's foreign ministry said it had made "no new commitments" on nuclear inspections [1].
The emergency authorization permits Iranian crude and petrochemical production, sale and delivery through August 21 [1]. No volume cap was stated. No dollar figure was released [1].
Treasury Secretary Scott Bessent said Tehran committed to keeping the Strait of Hormuz open and allowing International Atomic Energy Agency inspectors back in exchange for the 60-day waiver [1]. Vice President JD Vance said he expected the inspector process to start "at a minimum this week" with conversations "possibly as soon as today" [1].
Iranian foreign ministry spokesman Esmail Baqai said "no new commitments" [1].
Any engagement with UN inspectors would take place "under existing procedures set by Parliament and the Supreme National Security Council," Baqai said [1]. The IAEA, the party being invited, did not comment on Vance's claims about inspector access [1].
How the waiver mechanism works
The 60-day sanctions waiver temporarily lifts restrictions that have blocked Iran from conducting oil transactions in US dollars since the early 2000s [1]. Under normal sanctions enforcement, Iranian oil sales must use alternative currencies and intermediary banks, reducing transaction efficiency and oil prices [1]. The waiver permits direct dollar-denominated sales and US port delivery, eliminating those barriers for 60 days [1].
The authorization expires automatically on August 21 unless renewed by Treasury [1]. If Iran fails to meet commitments on inspections or Strait access, the waiver can be revoked immediately, reimposing dollar transaction bans and blocking US port access [1].
972 pounds at 60%
Iran suspended IAEA access to sites bombed by Israel and the US during a 12-day war last summer [1]. The UN's nuclear watchdog pulled out its remaining inspectors from Iran the month after the war [1].
Iran has 972 pounds of uranium enriched up to 60% purity, per the International Atomic Energy Agency [2]. Under the 2015 international agreement abandoned by the first Trump administration, Iran's uranium enrichment was capped at less than 4% and monitored by IAEA inspectors [2].
The preliminary agreement said Iran agreed to let the IAEA supervise the "down-blending" of its stockpile of highly enriched uranium [1]. Down-blending dilutes weapons-grade uranium by mixing it with natural uranium or other materials to reduce enrichment levels below weapons-usable thresholds [2]. The IAEA has not confirmed it will send inspectors and has not commented on a timeline [1].
What expires August 21
Qatar and Pakistan mediated talks and released a joint statement saying the US and Iran agreed to "a roadmap towards reaching a final deal within 60 days" [1]. The 60-day waiver expires August 21 [1].
President Trump issued a warning from the Oval Office: "If Iran doesn't live up to their agreement, or if they're not behaving, I will do what I have to do" [1].
Vance was vague on the timeframe for ending the Iran war, saying it could conclude in a week or a few months [1].
Iran's foreign ministry spokesperson accused the US of "harming" diplomatic efforts to end the war [1]. Iran has indicated it will provide updated accounting of its enriched uranium stockpile once inspectors return, though no formal timeline has been established [2].
The 60-day window leaves limited time for IAEA verification before the waiver expires [1]. If inspectors cannot confirm uranium stockpile accounting or down-blending progress by August 21, the sanctions waiver lapses automatically, cutting off Iran's dollar-denominated oil sales and US market access [1]. The IAEA has not accounted for 972 pounds of uranium enriched to 60% purity since it pulled out after the war [2].
Iran maintains the uranium is for civilian nuclear energy purposes, while Western intelligence agencies assess the stockpile could be converted to weapons-grade material in a matter of weeks [2]. The preliminary agreement does not address Iran's ballistic missile program or its support for regional proxy forces, issues that derailed previous negotiations [1].
