Overview
- The US Treasury issued a 60‑day General License on June 22 that allows dollar‑denominated production, sale, delivery and related services for Iranian crude through August 21.
- Iran’s National Iranian Oil Company has opened discussions with Japanese refiners about resuming shipments, seeking to diversify buyers beyond China.
- Japanese refiners say the 60‑day window is too short and are asking for longer exemptions and concrete shipping guarantees before they will restart purchases.
- Shipping firms and marine insurers will make independent risk decisions and ongoing Gulf security risks mean a Treasury waiver alone does not ensure insured, banked cargo movements.
- If the waiver is not extended or converted into a longer deal, any near‑term increase in conventional sales is likely to be limited and markets will watch negotiation progress and cargo flows from Kharg Island closely.