The Treasury Department on Monday issued a two-month waiver on sanctions against Iran in response to the country's willingness to comply with U.S. demands concerning its nuclear weapons program. 

The waiver will permit the country to resume crude exports at market rates, after years of having to sell the commodity at a discount to buyers willing to take the risks that come with skirting U.S. sanctions, the New York Times reported. 

"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 post on X. 

Earlier this year, the Trump administration had eased sanctions against Iran in an effort to lower oil prices, but later ramped up sanctions and blockaded the Strait of Hormuz, which Iran depends on to move oil out of the country, in order to cripple Iran's economy.