The U.S. government will not renew a temporary Treasury waiver that authorised the sale and delivery of Iranian crude and petroleum products already loaded on vessels, two administration officials told Reuters on April 14, 2026. The 30‑day authorisation — issued by the Office of Foreign Assets Control (OFAC) on March 20 as General License U — is set to expire at 12:01 a.m. Eastern on April 19, 2026 and will not be extended, the officials said.
General License U, signed by OFAC Director Bradley T. Smith on March 20, explicitly authorised transactions “ordinarily incident and necessary to the sale, delivery, or offloading” of Iranian‑origin crude and petroleum products loaded on or before 12:01 a.m. EDT on March 20, 2026, and limited that authorisation through 12:01 a.m. EDT on April 19, 2026. The license states a range of permitted services — from docking and crewing to bunkering and salvage — but carves out transactions involving North Korea, Cuba and certain covered regions of Ukraine.
Treasury Secretary Scott Bessent had framed the March action as a “narrowly tailored, short‑term” move intended to unlock barrels already in transit — a step he said would bring roughly 140 million barrels to global markets — while maintaining broader financial pressure on Tehran. Reuters and other reporting have said the administration decided on April 14 to let that narrow waiver lapse rather than extend it.
Officials told Reuters the decision on April 14 follows additional Treasury moves to squeeze Iran’s financial channels: the department has sent letters to authorities in China, Hong Kong, the United Arab Emirates and Oman identifying banks the U.S. says have facilitated Iranian transactions, and informed partners that Iran processed at least $9 billion through U.S. correspondent accounts in 2024 using front companies, according to sources and documents seen by Reuters. Treasury officials said targeted penalties remain available for entities that continue to facilitate Tehran’s oil sales.
The non‑renewal occurs amid heightened military and diplomatic tensions. U.S. authorities have declared a naval blockade of Iranian ports in recent days and Pakistani mediators are reported to be seeking a second round of talks between Washington and Tehran as ceasefire arrangements and negotiations continue. Treasury’s choice to let the narrowly drawn oil waiver expire sits alongside other sanctions and enforcement tools the administration says it will use to sustain pressure on Iran’s oil sector and associated financial networks.