Iran is knocking on Japan’s door again, and this time it’s bringing oil. The National Iranian Oil Company (NIOC) has opened discussions with Japanese refiners about resuming crude exports, part of a broader push to reconnect with Asian buyers after the US Treasury issued a 60-day sanctions waiver on June 22, 2026.
The waiver, known as General License X, permits dollar-denominated trade of Iranian crude oil, petrochemicals, and petroleum products through August 21, 2026. It’s tied to a memorandum of understanding between Washington and Tehran linked to ongoing peace negotiations and efforts to stabilize the Strait of Hormuz.
But Japanese buyers aren’t exactly rushing to place orders. They want a longer waiver period and concrete shipping guarantees before committing capital to a trade that could become illegal again in less than two months.
The 68-million-barrel problem
Approximately 68 million barrels of Iranian crude were sitting on tankers as of the waiver’s announcement, with over 80% of those barrels lacking clear destinations.
