US Revokes Iranian Oil Authorization After Gulf Ship Attacks

The United States has revoked a general license that permitted the sale of Iranian oil, citing "wholly unacceptable" actions by Iran in the Strait of Hormuz. The decision signals a tougher stance on Iran's energy exports amid heightened regional tensions.

According to a U.S. official, Washington warned that Iran's conduct in the Strait of Hormuz would face consequences. Despite this escalation, U.S. negotiators remain engaged in diplomatic efforts to reach a final agreement with Iran.

The Treasury Department formally rescinded the authorization issued on June 21, replacing it with a new license that significantly restricts Iranian oil transactions. Companies previously operating under the authorization have until July 17 to wind down existing deals. However, new purchases or loading of Iranian crude oil, petroleum, or petrochemical products are prohibited from July 7 onward.

The revocation follows multiple attacks on commercial tankers near the Strait of Hormuz, which led the United Kingdom Maritime Trade Operations to raise the regional maritime security threat level to "severe." The new U.S. license, designated General License X1, took effect Tuesday, tightening controls while leaving a path open for continued diplomacy.

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Iran's actions in the Strait of Hormuz were wholly unacceptable to the United States and would be met with consequences.