The Trump administration waived sanctions on the delivery and sale of Iranian oil at sea for 30 days on Friday in its latest attempt to ease oil prices that have been driven up by the U.S.-Israeli war on Iran.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Friday issued an Iran-related General License U, “Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Iranian-Origin Loaded on Vessels as of March 20, 2026.”
Transactions that are “ordinarily incident and necessary” to the sale, delivery, or offloading of crude oil or petroleum products of Iranian origin loaded on any vessel on or before 12:01 a.m. eastern daylight time, March 20, 2026, are authorized through 12:01 a.m. eastern daylight time, April 19, 2026.
The license, posted to the Treasury Department’s website, says crude oil and petroleum products of Iranian origin can be imported into the United States when necessary to complete its sale or delivery.
Under General License U, transactions authorized by this general license include the importation into the United States of crude oil and petroleum products of Iranian origin, where such importation is “ordinarily incident and necessary” to the sale, delivery, or offloading of such crude oil or petroleum products.
The scope of the license also covers transactions for the safe docking and anchoring of vessels carrying such crude oil or petroleum products; the preservation of the health or safety of the crew of any such vessel; emergency repairs or environmental mitigation or protection activities relating to any such vessel; and services such as vessel management, crewing, bunkering, piloting, registration, flagging, insurance, classification, and salvage.
The license does not authorize any transaction involving a person located in or organized under the laws of the Democratic People’s Republic of Korea, the Republic of Cuba, the Covered Regions of Ukraine, as defined by E.O. 14065, the Crimea Region of Ukraine, as defined by E.O. 13685, or any entity that is owned or controlled by or in a joint venture with such persons; or any other transactions or activities prohibited by any other Executive order or by any part of 31 CFR chapter V not referenced in this general license.
The U.S. previously eased sanctions on Russian oil and on Friday issued a general license allowing the sale of Iranian crude oil and petroleum products loaded on vessels by Friday.
US Treasury Secretary Scott Bessent said this temporary, short-term authorization is strictly limited to oil that is already in transit and does not allow new purchases or production.
He said on Friday that Iran will have difficulty accessing any revenue generated and the United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system.
“Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea,” Bessent wrote in a post on X, adding that sanctioned Iranian oil is being hoarded by China on the cheap.
The temporary authorization will bring some 140 million barrels of oil to global markets and help relieve pressure on energy supply. “In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury. So far, the Trump Administration has been working to bring around 440 million additional barrels of oil to the global market, undercutting Iran’s ability to leverage its disruptions in the Strait of Hormuz,” the Treasury Secretary posted on X.
