WASHINGTON — United States issued temporary authorization allowing the production, delivery, and sale of Iranian-origin crude oil, petrochemical products, and petroleum products through August 21, 2026.

The authorization, issued by US Treasury Department’s Office of Foreign Assets Control (OFAC) under General License X, temporarily suspends key restrictions that had limited Iran’s ability to participate in international oil markets.

Under the license, transactions that are ordinarily necessary for the production, sale, transportation, delivery, and offloading of Iranian oil and petroleum products are now permitted for the next 60 days. The authorization extends beyond oil sales themselves, covering a wide range of supporting activities that keep the global energy trade moving.

These include vessel management, shipping services, insurance, bunkering, piloting, registration, flagging, classification, salvage operations, safe docking and anchoring of vessels, emergency repairs, environmental protection measures, and services related to the health and safety of crews aboard ships carrying Iranian energy products.

The license also authorizes transactions involving vessels that had previously been blocked under various U.S. sanctions authorities, provided those activities are directly connected to the movement of Iranian-origin oil, petrochemical products, or petroleum products.

The authorization permits the importation of Iranian-origin crude oil, petrochemical products, and petroleum products into the United States when such imports are ordinarily necessary to complete authorized sales, deliveries, or offloading operations.

Treasury Department further authorized payments owed to Iran, the Government of Iran, or sanctioned entities involved in these transactions to be made in U.S. dollar-denominated funds, a significant departure from restrictions that have historically complicated international transactions involving Iranian energy exports.

The authorization applies even to Iranian-origin oil and petroleum products produced by entities that had previously been sanctioned under various Iran-related sanctions programs, provided the transactions fall within the scope of General License X. However, the relief is not universal.

The license explicitly excludes any transaction involving persons or entities located in, organized under the laws of, owned or controlled by, or operating in conjunction with parties connected to North Korea, Cuba, The Crimea region of Ukraine and Russian-occupied regions of Ukraine covered under existing U.S. sanctions authorities.

The authorization also does not waive restrictions imposed under other sanctions programs not specifically referenced in General License X.

The temporary measure is scheduled to remain in effect until 12:01 a.m. Eastern Daylight Time on August 21, 2026, after which the authorization will expire unless renewed, extended, or replaced by a new policy directive.

The decision represents one of the most significant temporary openings for Iranian oil exports in recent years, effectively creating a two-month window during which Iranian crude oil, petrochemical products, and petroleum products can be legally traded, transported, insured, financed, and delivered across much of the global market under U.S. authorization.

Whether the move evolves into a longer-term policy change or remains a short-term exception will become clearer as the August deadline approaches. For now, the license provides Iran with a rare opportunity to expand its energy exports while giving global markets access to additional supplies during the temporary authorization period.