US Revokes Licence Allowing Iranian Oil Sales

New York (ANTARA) - The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday (7/7) revoked the licence that allowed the sale of oil originating from Iran until 21 August.

A new general licence, titled “Revocation and Wind Down of June 21, 2026 Authorization for the Production, Delivery and Sale of Crude Oil, Petrochemical Products, and Petroleum Products of Iranian Origin”, was signed by OFAC Director Bradley Smith and came into effect on Tuesday (7/7).

The new licence requires that transactions approved under previous sanctions exemptions be phased out no later than 17 July. The US stated that this decision was made following Iran’s attacks on three oil tankers near or within the Strait of Hormuz. Alongside the revocation of the sanctions exemption, the US military announced on Tuesday that they had launched a series of heavy attacks against Iran in response to the alleged attacks carried out by Tehran against three commercial vessels.

The US had previously exempted sanctions on Iranian oil after both parties signed a ceasefire memorandum of understanding (MoU) last June. The exemptions included allowing the import of Iranian crude oil into the US and payments to Tehran in US dollars.