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As talks between the US and Iran begin in Switzerland, positive statements are coming from both sides. The latest move has come from the US.
According to Walter Bloomberg, the U.S. Treasury Department today issued a general license authorizing the production, delivery, and sale of Iranian crude oil, petrochemicals, and petroleum products.
Accordingly, the US issued a general license allowing trade in Iranian crude oil and petrochemical products until August 21.
It was stated that this license represents a temporary suspension of regulations related to energy transactions with Iran, and does not mean the complete lifting of sanctions.
Following the release of the license, which will last for two months, Bitcoin also surpassed $65,000. Gold and silver also saw increases along with BTC. While Bitcoin climbed above $65,000, an ounce of gold rose above $4,200 and an ounce of silver above $68. Brent oil is trading around $78.
The market views this measure as consistent with progress in US-Iran negotiations and the normalization of transit through the Strait of Hormuz.
Market analysts suggest that temporarily allowing trade in Iranian crude oil could alleviate supply instability and put downward pressure on international oil prices.
As is known, negotiations are ongoing between the US and Iran in Switzerland. As part of these constructive negotiations, Iran has committed to ensuring unimpeded freedom of navigation through the Strait of Hormuz and granting full access to its nuclear facilities to inspectors from the International Atomic Energy Agency (IAEA). The US responded by allowing Iranian oil to enter the country.
*This is not investment advice.