The U.S. Eases Its Grip on Iranian Oil

On 22 June 2026 OFAC issued General License X. Until 12:01 a.m. EDT on 21 August 2026 it authorizes transactions ordinarily incident and necessary to the production, sale, delivery and offloading of Iranian-origin crude, petrochemicals and petroleum products — the first broad authorization of its kind in more than a decade.

GL X is the first implementing step of the 14-point U.S.–Iran memorandum of 17 June 2026. Importation into the United States, payment in U.S. dollars, previously blocked vessels and maritime services such as management, bunkering, insurance and classification all fall within scope. A substantial part of the shadow fleet can re-enter lawful commerce for the life of the license.

It is not a wholesale lifting of Iran sanctions: a targeted, time-limited petroleum authorization. North Korea, Cuba, the Covered Regions of Ukraine and Crimea are carved out; EU and UK sanctions remain. OFAC may amend, suspend or revoke the license at any time. Parties should tighten monitoring, plan a wind-down before expiry and write conditionality into their contracts.

The briefing is below.