US Revokes Temporary Iran Oil Sanctions Relief, Sets 10-Day Wind-Down

The U.S. Treasury's Office of Foreign Assets Control (OFAC) revoked, on Tuesday, July 7, 2026, its temporary Iran oil sanctions relief (General License X, issued June 21, 2026) in full by issuing General License X1. Under OFAC's official notice, no new transactions involving the production, sale, or delivery of Iranian-origin crude oil, petrochemicals, or petroleum products are authorized as of that date, with only a 10-day wind-down period running through 12:01 a.m. EDT on July 17, 2026, for previously permitted deals to be closed out. The move followed the July 6-7 attacks on tankers in the Strait of Hormuz and the resumption of US military strikes on Iran.