US Issues 60-Day License for Iranian Crude Oil Amid Hormuz Talks

The United States has issued a 60-day general license to allow Iranian crude oil and petrochemical products back into the global market. The move, which took effect immediately on June 23, 2026, is a temporary waiver that will expire on August 21.

The license is a result of the first round of talks between American and Iranian officials in Switzerland, where they concluded a 'good foundation for a successful final deal.'

According to the US Treasury, the move is aimed at easing global balances as OPEC+ manages voluntary cuts. The estimated 1-1.5 million barrels per day of additional supply could reduce prices, giving negotiators space to discuss more difficult issues such as uranium enrichment and verification mechanisms.

The market reaction has been cautiously optimistic, with oil prices settling down over 3% in a single session. Analysts, however, are skeptical about the deal's durability, citing the 60-day license as reversible and lacking long-term certainty for refiners and shippers.