US issues 60-day Iran oil sanctions waiver
General License X resumes Iranian crude exports with banking, insurance and shipping cover after the Hormuz reopening
Summary
On 22 June 2026 the US Treasury issued General License X, a 60-day authorisation (through 21 August) permitting export of Iranian crude, products and derivatives plus associated banking, insurance and transport services. It follows the US and Iran sign 14-point memorandum to end the war, which ended the maritime blockade and provided 60 days of charge-free Strait of Hormuz transit. Analysts estimate the move unlocks ~67 million stranded barrels and $8-9bn for Tehran; dollar-denominated Iranian oil trade resumed for the first time in over four decades. Chinese teapot refiners, the dominant buyers, gain a practical safe harbour. Critics call the relief excessive and unconditional.
Why it matters
A multi-decade sanctions architecture is paused. The waiver is what actually clears the largest oil supply disruption on record, but it is reversible in 60 days, so the relief is a clock, not a settlement.