On June 22, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General License X (GL X), authorizing the production, delivery and sale of Iranian-origin crude oil, petroleum products and petrochemicals through August 21, 2026.

Though temporary, the measure represents one of the broadest sanctions waivers for Iran’s energy sector in years.

Unlike earlier authorizations, GL X goes well beyond the sale of oil itself. It temporarily authorizes a range of transactions ordinarily prohibited under several Iran sanctions programs, including the Iranian Transactions and Sanctions Regulations and the Iranian Financial Sanctions Regulations. It also covers certain transactions involving blocked vessels,…