US revokes temporary waiver for Iranian oil sales; transactions must wind down by July 17

The US Treasury's Office of Foreign Assets Control (OFAC) on July 7, 2026 revoked Iran-related General License X (GL X) and issued General License X1 to wind down the previously authorized transactions. GL X, issued temporarily on June 22, had briefly authorized transactions involving Iranian-origin crude oil, petroleum products, and petrochemicals, one of Washington's rarest sanctions relaxations in decades.

Under the new license, no new transactions involving the production, sale, delivery, or offloading of Iranian oil and petroleum products may occur on or after July 7, and all activity previously authorized must be wound down by 12:01 a.m. EDT on July 17. The move followed the renewed tensions and reciprocal strikes around the Strait of Hormuz, closing the brief legal channel for selling Iranian oil on the global market.