Iran is wasting no time. With a 60-day US sanctions waiver now in effect, Tehran is aggressively pitching its crude to Asia’s two biggest oil buyers, China and India, hoping to clear a backlog of cargoes sitting on the water and restart a revenue engine that’s been sputtering since 2018.
The US Treasury issued the temporary general license on June 22, 2026, covering the production, delivery, and sale of Iranian crude oil, petrochemicals, and petroleum products through August 21, 2026. The move follows a memorandum of understanding signed between Washington and Tehran on June 17, during negotiations in Switzerland focused on nuclear issues and security in the Strait of Hormuz.
Markets reacted swiftly. US crude oil prices dropped approximately 2.7%, settling around $74 per barrel as traders priced in the prospect of additional Iranian barrels flooding an already well-supplied market.
What the waiver actually covers
The license is broader than some analysts expected. It permits not just crude exports but also refined products and petrochemicals, giving Iran multiple channels to generate foreign currency revenue. The license also allows limited US imports of Iranian oil for the first time in decades.
