On Friday, OFAC issued Iran-related General License U (Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Iranian-Origin Loaded on Vessels as of March 20, 2026):

I’m not really sure why we issued this – perhaps to provide greater supply on the world petroleum market given the situation in the Straits of Hormuz, despite the fact we’re at war with Iran? IMHO, it’s a head-scratcher….