For the first time since 2019, Iran is in active talks with Japanese refiners about resuming crude oil shipments. The catalyst is a temporary US sanctions waiver that opened a narrow window for Iranian oil to flow into markets that have been off-limits for years.
The US Treasury issued a 60-day General License on June 22, 2026, valid through August 21, 2026. The license permits the production, sale, delivery, and dollar-denominated payments for Iranian crude, petrochemicals, and petroleum products, along with supporting services like shipping and insurance.
In plain terms: the US is temporarily allowing Iranian oil back into the global financial system, at least partially, as part of broader diplomatic negotiations over nuclear inspections and security arrangements in the Strait of Hormuz.
What the waiver actually covers
The scope of this General License is broad. It covers not just crude sales but the entire logistics chain around them, including shipping and insurance, which have historically been the pressure points through which US sanctions cut off Iranian exports.
