The U.S. Treasury’s Office of Foreign Assets Control issued Iran General License X on June 22, 2026, temporarily authorizing through 12:01 a.m. EDT on August 21 transactions ordinarily incident and necessary to the production, sale, delivery or offloading of Iranian-origin crude oil, petrochemical products and petroleum products that would otherwise be restricted under the authorities listed in the license.
OFAC said the authorization covers dealings involving vessels otherwise blocked under those authorities and includes related maritime services such as docking, anchoring, crew safety, emergency repairs, environmental protection, vessel management, crewing, bunkering, piloting, registration, flagging, insurance, classification and salvage. The license also states that payments owed to Iran, the Government of Iran or blocked persons for authorized purchases may be made in U.S. dollar-denominated funds, and it includes related imports into the United States when they are ordinarily incident and necessary to an authorized sale, delivery or offloading.
The authorization does not apply to transactions involving persons located in or organized under the laws of North Korea, Cuba, Crimea or the covered regions of Ukraine, and it does not suspend prohibitions outside the authorities specifically cited in the license.
The measure follows the June 17 U.S.-Iran memorandum of understanding, whose interim provisions included waivers for Iranian oil exports and associated banking, insurance and transportation services during a 60-day negotiation period. Reuters reported the license was issued during talks that also address nuclear inspections and commercial transit through the Strait of Hormuz. The International Energy Agency has said about 20 million barrels a day of crude and oil products moved through Hormuz in 2025, and its June oil market report said flows through the strait had risen to around 12 million barrels a day in early June from a May low of 9.6 million barrels a day.