Treasury Secretary Scott Bessent said the Trump administration reached a framework agreement with Iran following ongoing talks in Switzerland, including commitments on free transit through the Strait of Hormuz and allowing IAEA inspections.
Bessent said Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil as part of the arrangement.
A Treasury Department press release confirmed that OFAC issued “Iran General License X,” authorizing transactions related to Iranian crude oil, petrochemical products, and petroleum products through August 21, 2026.
The license allows activities tied to production, transport, shipping services, and related maritime operations, and permits certain payments in U.S. dollars. It also includes limited authorizations for imports into the United States when tied to permitted transactions.
Read the Treasury Press Release
