OFAC revokes Iran oil export license, sets wind-down deadline for July 17
The US Treasury's OFAC revoked Iran General License X on July 7, 2026, replacing it with General License X1, a wind-down-only authorization. GL X1 permits completing transactions already begun under GL X but authorizes no new purchases or loadings on or after July 7, 2026, with wind-down activity to be completed by 12:01 am EDT on July 17, 2026 (about 07:31 Tehran time). GL X had originally authorized Iranian-origin crude oil, petrochemical and petroleum product sales through August 21, 2026.
Recorded figures
- Status
- Wind-down deadline reached on 2026-07-17; General License X fully revoked, no new transactions authorized under the prior license
As of Jul 17, 2026
Sources
Cited Jul 2, 2026
OFAC · US Department of the Treasury
Iran General License X, authorizing the production, delivery and sale of crude oil, petrochemical products, and petroleum products of Iranian origin through August 21, 2026.
Cited Jul 5, 2026
Issuance of Amended Iran-related General License: OFAC is revoking Iran-related General License X and issuing General License X1, authorizing wind-down of transactions through 12:01am EDT July 17, 2026.
Cited Jul 8, 2026
Baker McKenzie Global Sanctions and Export Controls Blog
Cited Jul 8, 2026
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