Key facts
- US Treasury issued a general license authorizing Iranian oil and petrochemical product sales.
- The license is valid until August 21.
- Buyers can pay in US dollars for oil, freight, and insurance.
- The OFAC license details transactions for sale, transport, and offloading of Iranian oil.
- The license permits imports of Iranian oil into the US.
The U.S. Treasury Department has issued a general license permitting the sale of Iranian crude oil and petrochemical products until August 21, a move that facilitates transactions in U.S. dollars for oil, freight services, and insurance. This action is a step toward implementing a US-Iran deal signed on June 18.
The Office of Foreign Assets Control (OFAC) license follows direct talks between the U.S. and Iran in Switzerland, which U.S. vice president JD Vance described as making "very good progress." The waiver's 60-day duration aligns with the period set by the US-Iran "memorandum of understanding" for negotiations on Iran's nuclear program and the status of the Strait of Hormuz.