The U.S. Treasury Department issued a 60-day general license on June 22, 2026 authorizing Iranian oil production, delivery, and sales, along with associated banking and transportation services. This came as part of a framework agreement following talks between U.S. and Iranian representatives in Switzerland, and includes reopening the Strait of Hormuz as part of a broader ceasefire deal. The license represents a significant shift in sanctions policy during the ongoing U.S.-Israel conflict with Iran that began in late February 2026.