US Authorizes Iranian Oil Sales Amid Talks on Final Peace Deal
By Reuters | 22 Jun, 2026

The authorization to allow the production, delivery and sale of Iranian oil provides inducement for Iran to refrain from threatening closure of the Strait of Hormuz which would put the global economy at risk of sliding into recession and doom the current US administration to lame-duck status after launching the unprovoked Iran fiasco.

A satellite image shows an oil terminal at Kharg Island, Iran, February 25, 2026. 2026 Planet Labs PBC/Handout via REUTERS

The U.S. Treasury Department authorized the production, delivery and sale of Iranian oil on Monday, a move promised under an agreement reached by Washington and Tehran last week.

The general license, announced as the two sides continue talks aimed at reaching a final peace deal, allows the production, delivery and sale of crude oil and petrochemical and petroleum products of Iranian-origin through August 21.

"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," Treasury Secretary Scott Bessent said in a post on X.

"As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil."

Under the memorandum of understanding signed last week between Washington and Tehran, the United States agreed to issue waivers for the export of Iranian crude oil, petroleum products, and derivatives, and all associated services, including banking transactions, insurances, and transportation.

Transactions authorized in Monday's general license include importation of Iranian-origin crude oil, petrochemical and petroleum products to the United States.

The license says Iranian oil can be imported into the United States under the waiver when necessary to complete its sale or delivery.

It does not authorize transactions involving North Korea or Cuba, countries heavily sanctioned by the United States.

(Reporting by Katharine Jackson, Susan Heavey and Daphne Psaledakis; Editing by Doina Chiacu)