The US Treasury Department, through its Office of Foreign Assets Control (OFAC), revokes a general licence that authorised certain sales of Iranian oil to the United States. OFAC states that effective July 7, 2026, General License X, issued June 21, 2026, is revoked and replaced in full by General License X1. The previous licensing framework followed a partial sanctions lift related to Iranian oil exports, implemented after the US described “encouraging” talks over ending the war. In June, the Treasury issued a 60-day sanctions waiver to allow production, delivery and sale of Iranian oil to the US. Multiple outlets report that the revocation follows an escalation of incidents in the Strait of Hormuz, where three tankers are said to have been hit in and near the shipping route in the past 24 hours or in recent days. Reuters reports US officials describe Iran’s actions in the Strait of Hormuz as “wholly unacceptable,” warning that consequences will follow. One outlet specifically mentions three British tankers being struck. The reported attacks and ensuing tensions are cited as the immediate context for the US decision.
US revokes licence allowing Iranian oil sales after attacks in Strait of Hormuz
The US Treasury Department, through its Office of Foreign Assets Control (OFAC), revokes a general licence that authorised certain sales of Iranian oil to the United States. OFAC states that effective...
- The US Treasury’s OFAC revokes General License X for Iranian oil sales, effective July 7, 2026, replacing it with General License X1.
- The prior licence and sanctions waiver enabled production, delivery and sale of Iranian oil to the US for a limited period.
- The US had partially lifted sanctions on Iranian oil exports after talks it described as “encouraging” regarding ending the war.
- Multiple sources link the licence revocation to reported attacks on tankers in and near the Strait of Hormuz, including reports that three tankers were hit.
- US officials characterize actions in the Strait of Hormuz as “wholly unacceptable” and say consequences will follow.
Three tankers reported being struck by unknown projectiles in and near the Strait of Hormuz in recent days
1 hour agoUS revokes licence authorising sale of Iranian oil The US Treasury Department has revoked the general licence that authorised the sale of Iranian oil, according to a statement issued by the Office of Foreign Assets Control. "Effective July 7, 2026, General License X, dated June 21, 2026, is revoked and superseded in its entirety by General License X1," the statement reads. The US had partially lifted sanctions on Iranian oil exports following what it described as "encouraging" talks over ending the war. The Treasury issued a 60-day sanctions waiver in June, paving the way for the production, delivery and sale of Iranian oil to the US. Reuters quoted unnamed US officials as saying Iran's actions in the Strait of Hormuz were "wholly unacceptable to the United States and will be met with consequences". The move comes after three tankers were reportedly attacked in the strait in the last 24 hours.
1 hour agoUS revokes Iran oil licence after attacks on tankers in Hormuz spike tensions
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