The United States Treasury Department has issued a temporary general licence valid for 60 days, authorising the production, supply and sale of Iranian oil, US Treasury Secretary Scott Bessent announced on 22 June.
“Following productive talks in Switzerland, Iran has committed to ensuring free and open transit through the Strait of Hormuz and to allowing inspectors from the International Atomic Energy Agency (IAEA) to enter the country. As part of this programme, the Treasury Department has issued a temporary 60-day general licence authorising the production, supply and sale of Iranian oil,” he wrote.
The licence was issued to implement the Memorandum of Understanding signed by the US and Iran on 17 June. The text of the document stipulated that, following its signing, the Treasury would grant authorisation for the export of Iranian oil, petroleum products and related services.
The signed Memorandum of Understanding contains 14 points. A ceasefire on all fronts (including Lebanon, where Israel is conducting operations against the Iranian-backed group ‘Hezbollah’, which is recognised as a terrorist organisation by the US and Israel), as well as the unrestricted opening of the Strait of Hormuz for the next 60 days and the gradual lifting of the naval blockade of Iran.
In the document, Iran confirms that it ‘will never produce nuclear weapons’. The parties have agreed that all issues relating to the nuclear programme, including the fate of enriched uranium, will be addressed in a final agreement, which they hope to reach within 60 days. A mechanism for the operation of the Strait of Hormuz will also be developed during this period.
Iranian oil had previously been subject to US sanctions. In March 2026, against the backdrop of a US-Israeli war against Iran, the Treasury had already issued a temporary 30-day licence for the sale of Iranian oil on vessels, in order to bring down prices, which had soared to over $100 per barrel.