Overview
- The U.S. Treasury issued a 60-day OFAC general license in late June 2026 that permits certain Iranian oil production, delivery and sales through August 21, 2026.
- Sinopec and PetroChina are reviewing compliance, banking and shipping arrangements and have not confirmed any purchases during the waiver period.
- Smaller independent 'teapot' refiners have continued buying discounted Iranian crude throughout the sanctions era using intermediaries and yuan-based payments.
- Market analysts at Kpler and trade sources say state refiners are unlikely to rush back because pricing, tighter margin rules and ample regional stockpiles blunt near-term demand.
- The waiver is temporary and tied to U.S.-Iran diplomacy, leaving banks, insurers and shippers unsure about exposure and creating a risk that any resumed trade could be reversed if the license is not extended.