The temporary licence, announced by US Treasury Secretary Scott Bessent, will remain in effect until August 21 and permits Iranian oil exports to the United States as part of a memorandum of understanding signed between Washington and Tehran on June 17. The waiver excludes transactions involving North Korea, Cuba and Russian-occupied regions of Ukraine. Bessent said the negotiations had made significant progress, citing Iran’s commitment to ensure free and open navigation through the Strait of Hormuz and to allow inspectors from the International Atomic Energy Agency (IAEA) into the country. He described the discussions as productive and said several provisions of the agreement were already being implemented.   The announcement came amid encouraging reports from mediators involved in talks held in Burgenstock, Switzerland. US Vice President JD Vance said negotiators had established a strong foundation for a final agreement and expressed confidence that discussions would continue despite recent public exchanges between President Donald Trump and Iranian officials.   The sanctions relief triggered a sharp reaction in oil markets, with Brent crude prices falling more than 3.5% to around $77.7 per barrel as traders anticipated the return of additional Iranian supplies.      While Washington has linked the negotiations to concerns over Iran’s nuclear programme and future international inspections, Tehran maintained that no new commitments regarding its nuclear activities were made during the latest round of talks. Iranian officials reiterated that the country’s nuclear programme remains focused on civilian purposes.      Meanwhile, tanker traffic through the Strait of Hormuz showed signs of recovery. Several LNG carriers and crude oil tankers transited the strategic waterway on Monday, reflecting improving confidence among ship operators. According to shipping services provider Clarksons, vessel movements remain below pre-conflict levels but the overall trend is positive.      The development is expected to ease concerns over potential disruptions to global energy supplies and reduce pressure on oil markets that had been heightened by recent tensions in the Gulf region.