U.S. Treasury Secretary Scott Bessent said Iran has committed to maintaining free transit through the Strait of Hormuz and allowing International Atomic Energy Agency (IAEA) inspectors into the country as part of ongoing negotiations in Switzerland. Treasury simultaneously issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian crude oil, petroleum products, and petrochemicals through August 21, 2026.
- Treasury's Office of Foreign Assets Control issued General License X authorizing transactions related to Iranian-origin oil and petroleum products through August 21, 2026.
- The license permits production, sale, delivery, offloading, shipping, insurance, bunkering, and related services tied to Iranian oil exports.
- The authorization includes imports of Iranian oil and petroleum products into the United States when incident to licensed transactions.
- Iran reportedly agreed to maintain open transit through the Strait of Hormuz and permit IAEA inspections as part of ongoing talks in Switzerland.
- The license allows U.S. dollar-denominated payments for authorized purchases of Iranian oil and petroleum products.
Relevant Companies
- Exxon Mobil ($XOM) - Global oil prices and supply dynamics could be affected by the return of additional Iranian crude exports.
- Chevron ($CVX) - Increased Iranian oil availability may influence crude markets and energy sector pricing.
- Valero Energy ($VLO) - Refiners could be impacted by changes in global crude supply and pricing conditions.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
