The US Treasury issued a temporary general license on March 20, allowing the sale and delivery of Iranian-origin crude oil and petroleum products already loaded on vessels. The authorization covers approximately 140 million barrels and runs through April 19, 2026.
At roughly $100 per barrel, the average price at the time of issuance, that translates to a potential one-time windfall of around $14 billion. It’s a significant number, but it’s not quite the $100 billion annual revenue figure that Iran generated in pre-sanctions eras.
What the temporary license actually does
The license specifically covers oil that was already physically loaded onto vessels before the announcement.
Treasury Secretary Scott Bessent confirmed the authorization would expire as scheduled on April 19, with no plans for renewal. By mid-April, officials doubled down on that position, stating there would be no extension.
