The US Department of Treasury has authorised the production, delivery and sale of Iranian crude oil, petrochemical products and petroleum products through 21 August 2026, under a temporary 60-day general licence issued after a Memorandum of Understanding signed by the United States and Iran amid talks on a final peace agreement (US government press release, 22/06/2026).
According to the US Treasury, Iran has committed to free and open transit through the Strait of Hormuz and cooperation with the IAEA, although Iranian officials disputed new commitments on nuclear inspections. The licence excludes transactions involving North Korea, Cuba and sanctioned Ukrainian regions.
The authorisation covers transactions ordinarily needed for the sale, delivery or offloading of Iranian oil products, including vessel services. It also permits payments in USD and US imports when required to complete authorised sales or deliveries. Additionally, the US agreed to waive restrictions on Iranian crude oil, petroleum products and related services, including banking, insurance and transport.
The waiver comes as part of the interim agreement signed between both countries extending their ceasefire and the reopening of the Strait of Hormuz on 19 June 2026 (KEI, 19/06/2026).
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