India, June 23 -- The United States has announced a sweeping rollback of sanctions on Iran's oil sector, permitting dollar-denominated transactions for the first time in more than four decades as Washington and Tehran continue negotiations aimed at securing a long-term peace agreement.

The U.S. Treasury on Monday issued a broad 60-day exemption, allowing Iran to produce and sell crude oil, petrochemicals and petroleum products in U.S. dollars through August 21.

General License X opens door to oil trade

The exemption, issued under General License X, also permits transactions involving vessels and entities that were previously subject to U.S. sanctions.

The move represents the most significant easing of U.S. oil sanctions on Iran since ...