Published On 7/7/2026
The United States has revoked the general license that allowed the sale of Iranian oil, in a move to reimpose restrictions on crude exports, following attacks targeting oil tankers in the Strait of Hormuz, amid American warnings that Tehran’s actions in the waterway are “unacceptable” and will face consequences.
The US Treasury said it would grant a transition period ending on July 17 to complete oil transactions that were permitted under the revoked license.
The decision came days after three oil tankers were attacked with unknown projectiles in the Strait of Hormuz and its surroundings, according to the British Maritime Trade Operations Authority (UKMTO), while an American official said that initial indications indicate that Iran opened fire on three commercial ships, without an immediate comment from Tehran or any party claiming responsibility for the attacks.
Despite the escalation, an American official confirmed that the negotiators continue to work in good faith to reach a final agreement with Iran, at a time when recent developments threaten to weaken the temporary understanding between the two sides and increase the risks of faltering negotiations.
The talks between Washington and Tehran were about reaching an agreement that includes imposing restrictions on the Iranian nuclear program in exchange for easing some sanctions, including restrictions on oil exports.
The Strait of Hormuz is one of the most important strategic energy corridors in the world, as about a fifth of global oil consumption passes through it, in addition to large quantities of liquefied natural gas shipments, which makes any long-term disturbance in it a source of concern for global energy markets.
Following the American announcement, oil prices rose by more than 5%, with Brent crude touching the $76 per barrel barrier, amid fears that tightening restrictions on Iranian oil exports will reduce global supplies.
Oil constitutes the main source of foreign currency for Iran, as it provides the government with billions of dollars that finance public spending, while Tehran has been able in recent years to maintain its exports, especially to China, despite US sanctions, which makes any new tightening of restrictions stressful on public finances and the Iranian economy.
