- The U.S. Treasury has issued a temporary 60-day general license authorizing limited handling of Iranian oil already in transit, aimed at easing short-term supply disruptions.
- The license does not permit new Iranian oil production or new purchases, restricting activity to cargoes loaded or in transit as of the issuance date.
- The move, following talks in Switzerland, balances energy market stability with ongoing sanctions pressure, but signals no long-term policy shift.
The U.S. Treasury on Thursday issued a temporary general license allowing the delivery, transfer, and associated services for Iranian crude and petroleum products already loaded on vessels or in transit, according to people familiar with the matter. The 60-day authorization, announced by Treasury Secretary Scott Bessent after what he described as "productive talks" in Switzerland, is designed to address immediate market disruptions linked to regional tensions.
"This is a targeted, temporary measure to prevent a spike in global energy prices while maintaining the core of our sanctions regime," a senior Treasury official said. The license explicitly prohibits any new purchases of Iranian oil or expansion of production, limiting relief to shipments already at sea.
The move comes amid rising oil prices and concerns over supply tightness following recent geopolitical developments. Market analysts said the license could help stabilize prices in the short term by allowing about 20-30 million barrels of Iranian oil in transit to reach buyers, but cautioned that the effect may be muted given the limited scope.
Critics argue the temporary waiver undermines efforts to isolate Iran economically, while supporters say it prevents a supply shock that could hurt consumers. The Treasury has not indicated whether the license will be renewed, but past short-term waivers have often been allowed to expire.
Reached for comment, the Treasury declined to discuss specific negotiations. The license is effective immediately and expires in 60 days.