N-hydroxyphthalimide (NHPI) is a promising catalyst in aerobic oxidation of hydrocarbons to corresponding hydroperoxides. We have found that a trace amount of Fe(benz)3 or Fe(acac)3 (in concentration of less than 10−1 mmol/l and with the ratio of Fe(III): NHPI = 1:500) considerably accelerates the oxidation of cyclohexene and ethylbenzene, while retaining the selectivity to hydroperoxides at a level of 90%. As a consequence, the reaction temperature could be lowered down to 50–60 °C. The promoting effect of the additives was attributed to the ability of Fe(III) complexes to generate phthalimido-N-oxyl radicals (PINO) without participation in any transformations of hydrocarbon intermediates and hydroperoxides, thus ensuring selective formation and stability of the hydroperoxides.