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U.S. Eases Sanctions on Iranian Oil, but Progress on Nuclear Issues Is Muddy

The U.S. Treasury's OFAC issued General License X on June 22, allowing the sale of Iranian crude oil and petrochemicals until August 21, 2026. This temporary measure aims to restore cargo flow through the Strait of Hormuz and reach a final peace agreement. Some Asian economies and global banks remain cautious about resuming trade.

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What changed

New details identify the specific authorization as General License X issued on June 22.

Live updates

  1. U.S. Issues 60-Day License for Iranian Oil Sales

    The U.S. Treasury's OFAC issued General License X on June 22, allowing the sale of Iranian crude oil and petrochemicals until August 21, 2026. This temporary measure aims to restore cargo flow through the Strait of Hormuz and reach a final peace agreement. Some Asian economies and global banks remain cautious about resuming trade.

    What's confirmed:

    • The U.S. Department of the Treasury's Office of Foreign Assets Control issued General License X on June 22.
    • General License X authorizes transactions involving Iranian-origin crude oil, petroleum products, and petrochemical products through August 21, 2026.
    • The U.S. is seeking a final peace agreement with Tehran.

    Still unconfirmed:

    • President Donald Trump's deal provides Iran $300 billion for reconstruction and up to $24 billion in unfrozen assets.
    • Vice President JD Vance stated Iran would allow UN nuclear inspectors to return to the country.
    • Iran has denied claims regarding the return of nuclear inspectors.
    • The deal allows for the possibility of tolls in the Strait of Hormuz.
    confidence 90%

  2. U.S. Temporarily Lifts Iranian Oil Sanctions Following Switzerland Talks

    The U.S. has issued a 60-day license allowing Iran to produce and sell oil until August 21. This interim measure follows a first round of negotiations in Switzerland mediated by Qatar and Pakistan. While U.S. officials cite progress, Tehran officials state no new commitments have been made.

    What's confirmed:

    • The U.S. Treasury granted a 60-day license waiving sanctions on Iranian oil until August 21.
    • The first round of talks between the U.S. and Iran took place in Switzerland.
    • Qatar and Pakistan served as mediators for the U.S. delegation led by Vice President JD Vance.
    • The sanctions relief is part of an interim agreement linked to ongoing peace talks.

    Still unconfirmed:

    • The U.S. will release $12bn in frozen funds.
    • The war in Lebanon appeared to calm for the day during negotiations.
    confidence 90%