infinitenewsno algorithms. no accounts. just news.
MenuClose

OfficialDiplomacy & politicsWashington, D.C., United States

U.S. revokes the licence that let Iran sell oil under the deal

Mountain Time
Local time
3:15 PM in New York
Where
Washington, D.C., United States

OFAC said General License X, dated June 21, which authorised sales of Iranian oil, was revoked and superseded by General License X1 effective July 7; U.S. officials told Reuters that Iran's actions in Hormuz were 'wholly unacceptable'. Brent rose $1.87 to $76.03 in post-settlement trade.

Why it matters

Oil sales were the main benefit Iran had received under the memorandum; U.S. strikes began about two hours later, and full sanctions on Iranian oil exports were due to return on July 17.

Sources (4)

Confidence: Stated by a named government, military, or institution. Not independently confirmed. About confidence labels

Correction

  • Corrected the time from 6:00 PM New York time, Jul 7, 2026 to 3:15 PM New York time, Jul 7, 2026; corrected the headline (it read "Washington revokes the oil licence at the centre of the deal"); revised the summary; revised the context note; changed the confidence label from reported to official; reclassified it from policy to sanctions; updated the sourcing note; added 3 sources: Al Jazeera live blog. Why and evidence