Oil Prices Surge Past $70 Following US Sanctions Reinstatement on Iran

According to the International Desk of Webangah News Agency, international oil prices have surged by 5%, returning to above $70 per barrel following the United States’ announcement of renewed sanctions against Iran’s oil sector. The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) released a statement indicating the revocation of General License X related to Iran and the issuance of General License X1.

This new license, titled “Revocation and Phased Termination of General License Issued June 21, 2026, for the Production, Transfer, and Sale of Crude Oil, Petrochemical Products, and Refined Petroleum Products of Iranian Origin,” signals a shift in U.S. policy. According to the statement, effective July 7, 2026, General License X, dated June 21, 2026, will be entirely replaced by General License X1, with the new license superseding all provisions of the previous one.