US revokes licence authorising sale of Iranian oil

US 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 "Effective July 7, 2026, General License X, dated June 21, 2026, is revoked and superseded in its entirety by General License X1," the statement reads.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.