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

The US revoked Iran's oil sales waiver on Tuesday, July seventh, twenty twenty six. The Treasury Department revoked General License X and replaced it with a narrower License X one. Brent crude jumped five point six percent after hours, to seventy six dollars and four cents a barrel. That license had allowed dollar oil sales from Iran for the first time in over four decades, since June twenty second. A quick look at markets: Brent crude, WTI crude, the free market dollar, and Tehran's stock index. Iran's central bank had linked part of a four and a half billion dollar reserve increase to this same license. Revoking it narrows Iran's official dollar oil revenue channel for the foreseeable future. Attacks on tankers in the Strait of Hormuz, which carries a fifth of world oil flow, raised regional export risk. Brent settled three percent higher during the day, then jumped five point six percent after hours. Swings in global oil prices can feed through import costs into Iran's domestic inflation. Iran's deputy foreign minister vowed decisive action to protect its national interests. This past week ran from strikes on southern coastal facilities to tanker attacks and the license revocation. Today, export oriented refining and petrochemical shares on the Tehran Stock Exchange are getting close attention. Worth watching: today's dollar and stock exchange reaction, and the July seventeenth settlement deadline. The free market dollar stood near one seventy five thousand three hundred tomans before the news. Read the full analysis on Sahmino.