US Revokes General License for Iranian Oil Sales, Cites Strait of Hormuz Actions

According to the International Desk of Webangah News Agency, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has announced the revocation of General License X concerning Iran. In its place, OFAC has issued General License X1, titled “Revocation and Gradual Termination of the License Issued on June 21, 2026, for the Production, Delivery, and Sale of Crude Oil, Petrochemical Products, and Petroleum Derivatives of Iranian Origin.”

The new statement specifies that effective July 7, 2026, General License X, originally dated June 21, 2026, has been fully superseded by General License X1. This new authorization replaces the prior license in all its provisions.

Under the terms of the new U.S. Treasury license, parties involved are permitted a maximum of 10 days to terminate all transactions that previously allowed for the delivery and sale of crude oil, petrochemical products, and petroleum derivatives originating from Iran.

Furthermore, the new license explicitly states that as of July 7, 2026, the United States will not permit any new transactions, including the purchase or loading of crude oil, petrochemical products, or petroleum derivatives of Iranian origin.

Concurrently, a U.S. official speaking to Reuters asserted that Iran’s actions in the Strait of Hormuz are “completely unacceptable” and indicated that these actions will carry consequences.