American companies have not been able to buy Iranian oil directly since 1987, when President Ronald Reagan banned imports in retaliation for the Tanker War. Congress also banned indirect imports in 1996. But for the next two months, Americans may be putting Iranian oil in their cars, thanks to the ongoing peace negotiations.
Under General License X, the U.S. Treasury has waived all sanctions on the "production, sale, delivery, or offloading of crude oil, petrochemical products, or petroleum products of Iranian origin" from June 22 through August 21. The U.S.-Iranian memorandum of understanding required Iran to stop impeding shipping in the Strait of Hormuz and the U.S. to lift its embargo on Iranian oil for the duration of peace talks, which began in Switzerland over the weekend.
