Oil prices continued to drop on Monday following progress in talks between the U.S. and Iran and the Treasury Department's authorization of Iranian oil sales under a 60-day license.
Brent crude, the international benchmark, dropped more than 3% and stood below $77.50 a barrel at 9:57 a.m., while West Texas Intermediate, the U.S. benchmark, fell 2.77% and clocked in at $73.77 at the same time.
"In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country. As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil," Treasury Secretary Scott Bessent said in a social media post.
Vice President JD Vance confirmed the development on Monday, noting that coordination between the countries and the agency to conduct such a visit will take place "this week, maybe as soon as today."
"It's a major milestone and a first step in permanently ending a nuclear weapons program in Iran," Vance added.
Axios detailed that the U.S. wanted the first round of talks in Switzerland to end with an invitation from Tehran for inspectors to visit key nuclear sites.
Vance, however, did not specify what kind of access the inspectors would have, especially considering that the nuclear sites were bombed by the U.S. in June 2025, in the context of the war between Israel and Iran.
The vice president also made reference to the claim by Iranian Foreign Minister Abbas Araghchi about the U.S. releasing some Iranian frozen funds, saying it had not happened yet.
Both countries set up a roadmap to reach a final deal to end the war within 60 days following talks in Switzerland on Sunday.
Parties established a "High Level Committee" to move forward with negotiations, which negotiators Pakistan and Qatar defined as "positive" and "constructive."
They also created a deconfliction line with Lebanon, as fighting between Israel and Hezbollah in the country has continued despite Iran naming it as a key factor to end the war.
Talks are scheduled to continue for the rest of the week, but they appeared to be in jeopardy at one point during the weekend after President Donald Trump threatened to "hit Iran very hard again, just like we did last week, only harder" if it didn't rein in Hezbollah in Lebanon.
Speaking to Fox News on Sunday morning, he added that he also threatened Tehran and the Iranian delegation in Switzerland if the country again blocked the Strait of Hormuz. "You close it and you won't have a country," he said, according to reporter Trey Yingst.
The reporter went on to say that after Iranian President Masoud Pezeshkian said the country will keep its right to enrich uranium, Trump told him to "better watch his mouth" and "better shape up or we'll take over the rest of the country."
Iranian officials responded through the country's semiofficial Tasnim news agency, saying the delegation "has expressed its protest to the American side and is now reviewing an appropriate response to Donald Trump's recent verbal threats."
Vance addressed the incident, acknowledging the Iranian delegation threatened to leave but noting it had not happened. "We told the Iranians yesterday. 'When you guys engage in what we millennials call trash talk, you can't expect the president of the U.S. not to respond and not to correct the record.'"
"So yes, there was a little bit of threatening and a little bit of whining but at the end of the day the talks continued and we made great progress," he added.
