The United States announced the revocation of its authorization for Iranian oil sales on Tuesday, July 7, following a series of Iranian attacks on commercial tankers in the Strait of Hormuz.
The U.S. Treasury Department’s Office of Foreign Assets Control said that it was revoking Iran-related General License X, the June 21 authorization that allowed the “production, delivery, and sale” of Iranian crude oil, petrochemical products, and petroleum products. The authorization has been replaced with General License X1 for a wind-down period, which is expected to run until July 17.