U.S. Issues 30-Day Sanctions Waiver on Stranded Iranian Oil

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has officially issued General License U, a temporary measure authorizing the delivery and sale of Iranian-origin crude oil and petroleum products.

The license specifically applies to cargo that was already loaded onto vessels as of March 20, 2026.

The authorization is strictly time-bound, expiring at 12:01 a.m. EDT on April 19, 2026.

It covers activities “ordinarily incident and necessary” to the sale and offloading of these products, including docking, anchoring, crew safety, emergency repairs, and essential maritime services such as insurance and bunkering.

Treasury Secretary Scott Bessent described the move as a strategic effort to “maximize the flow of energy to the world” amid severe market strain caused by regional conflict and disruptions in the Strait of Hormuz.

Officials estimate the waiver will unlock approximately 140 million barrels of crude currently in transit or floating storage. (AVN)