07/07/2026
Share:
07/07/2026
Share:
WASHINGTON, Jul 7: The United States has revoked a general license that had temporarily authorized the sale of Iranian oil following the recent attacks on commercial tankers near the Strait of Hormuz, according to a Reuters report citing a US official.
The official described Iran's actions in the Strait of Hormuz as "wholly unacceptable" and warned that Washington would respond.
"Iran's actions in the Strait of Hormuz were wholly unacceptable to the United States and would be met with consequences."
Despite the escalation, the official said US negotiators continue to engage with Iran in good faith in an effort to reach a final agreement.
The move comes after the US Treasury Department formally revoked the authorization issued on June 21, replacing it with a new license that significantly tightens restrictions on Iranian oil transactions.
According to the Treasury Department's Office of Foreign Assets Control (OFAC), General License X has been revoked in its entirety and replaced by General License X1, which took effect on Tuesday.
Under the new rules, companies that relied on the previous authorization have until July 17 to wind down transactions that were already permitted under the June 21 waiver. However, the license prohibits any new purchases or loading of Iranian-origin crude oil, petroleum products or petrochemical products from July 7 onward.
OFAC also said that any payments involving blocked persons must be deposited into a blocked, interest-bearing account in the United States.
The decision follows heightened tensions in the Gulf after multiple commercial tankers were attacked near the Strait of Hormuz, prompting the United Kingdom Maritime Trade Operations (UKMTO) to raise the regional maritime security threat level to "severe." The latest US action signals a tougher stance on Iran's energy exports while leaving the door open for continued diplomatic negotiations.
