US Revokes Iran Oil Sales Waiver; Brent Crude Tops $76 After Attacks on Three Tankers in Hormuz (Wednesday, July 8, 2026)

Lead

The US Treasury Department on Tuesday, July 7, 2026, hours after an attack on three tankers in the Strait of Hormuz, revoked "General License X," which since June 22 had authorized dollar sales of Iranian crude oil, petrochemicals and petroleum products, and replaced it with a narrower license called "General License X1." No new sales are authorized going forward; only transactions already in process before that date have until July 17 to settle, with proceeds held in a blocked, interest-bearing account (per CBS News, Bloomberg, Axios and CNBC). Brent crude jumped 5.6% in after-hours trading to $76.04 a barrel in response.

Background

The move directly reverses a policy Sahmino itself reported on July 3: the US Treasury's issuance of "General License X" on June 22, 2026, following the Iran-US ceasefire (signed around June 18), which for the first time in over four decades authorized official dollar sales of Iranian oil through August 21 and made up to $3.06 billion in possible FX revenue available. Iran's central bank governor last week attributed part of a $4.5 billion expansion in the country's foreign reserves to that license. But the ceasefire's fragility had already surfaced repeatedly: on June 28, US aircraft struck Iranian coastal surveillance facilities in the country's south, which Iran's Foreign Ministry called a violation of the agreement. On Tuesday, July 7, according to US and Qatari officials, Iran's Revolutionary Guard Corps struck three tankers, including a Qatar-linked vessel, with projectiles and a drone in the Strait of Hormuz; the US military responded with strikes on targets in the southern Iranian port city of Bandar Abbas.

Key Figures

Item	Figure	Date and Source
General License X revoked, replaced by X1	No new oil sales authorized	Tuesday, July 7, 2026; US Treasury (CBS News, Bloomberg)
Settlement grace period for in-process oil deals	Until July 17, 2026	Same sources
Brent crude (official settlement)	$74.16 a barrel (+3%)	Tuesday, July 7, 2026; CNBC
Brent crude (after-hours trading)	$76.04 a barrel (+5.6%)	Tuesday, July 7, 2026; CNBC
WTI crude (after-hours trading)	$72.25 a barrel (+5.4%)	Tuesday, July 7, 2026; CNBC
Possible FX revenue under the prior license (now curtailed)	Up to $3.06 billion	Sahmino's prior report, July 3, 2026
Free-market dollar (last rate before the revocation news)	About 175,300 tomans	Tuesday, July 7, 2026; Tejarat News, Eghtesad News
Tehran Stock Exchange TEDPIX at reopening after a 3-day closure	Topped 5,311,000 points	Tuesday, July 7, 2026; Fararu

Drivers

The revocation closes exactly the channel Iran's central bank cited last week as one of two main drivers of its reserve expansion, curtailing the official dollar oil revenue outlook for the foreseeable future through this route. At the same time, the tanker attacks in the Strait of Hormuz, which carries about 20% of global oil flow, raise the security risk for Iran's own oil exports and those of its Persian Gulf neighbors, a factor that feeds directly into global oil prices (Brent and WTI) and, by extension, the cost of Iran's imports. Iran's Deputy Foreign Minister, Kazem Gharibabadi, called the revocation a violation of the ceasefire agreement, saying Iran, "while issuing a serious warning regarding the consequences of America's breach of the agreement, will take decisive actions to safeguard its national interests and security" (per CBS News).

Outlook

Sahmino offers no prediction or advice on the path of the tension, oil prices, or the exchange rate. What the available data shows is that the July 17 settlement deadline for in-process deals is the first formal checkpoint for this policy, and the reaction of Iran's domestic markets, including the free-market dollar and the Tehran Stock Exchange, in the first trading session after the news (today, Wednesday, July 8) has not yet been recorded in official data.

What to Watch

Worth following in the coming days: the free-market dollar, gold and coin prices in today's (Wednesday, July 8) trading; the Tehran Stock Exchange's first session since the revocation news, particularly the reaction of export-oriented refining and petrochemical shares; the July 17 settlement deadline for in-process oil deals; and any further response from the Revolutionary Guard Corps or the US military in the Strait of Hormuz.

Disclaimer

This report is for market education and information purposes only and does not constitute investment advice. All figures are dated and may change; verify them against official, up-to-date sources before making any financial decision.