US Authorizes Iranian Oil Sales Under 60-Day License

Oil prices had already begun to drop before Bessent’s announcement, in the wake of the talks.

Treasury Secretary Scott Bessent in Washington on June 3, 2026. Madalina Kilroy/The Epoch Times

The Treasury Department issued a general license for Iran on June 22, authorizing the production, delivery, and sale of crude oil, petrochemical, and petroleum products of Iranian origin through Aug. 21.

Treasury Secretary Scott Bessent announced the move in a post on X, saying that “as part of the framework” agreed in the Memorandum of Understanding (MOU) last week, the Treasury “has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil.”