The Second 60-Day Clock: Treasury’s Temporary License for Iranian Oil
The deal now runs on two 60-day clocks. The first is the strait’s no-toll window. The second started this week: Treasury issued a temporary 60-day general license authorizing Iranian oil sales, freeing ~67M stranded barrels. It is the buyer-leg counterpart to the no-toll window, and it has the same shape: relieve the emergency now, defer the institution. A general license is a revocable waiver carved out of a standing prohibition, not the permanent settlement durable commerce requires. This post reads the second clock.