U.S. revokes license for sale of Iranian oil

The U.S. administration revoked the general license allowing the sale of Iranian oil. The U.S. Treasury Department announced that a wind-down period until July 17 has been granted for Iranian oil transactions that had previously been permitted under the revoked license.

Following the decision, a U.S. official said Iran’s actions in the Strait of Hormuz were "unacceptable" and accused Iran of carrying out attacks on commercial vessels. The official said the attacks in question would have consequences.

On the other hand, the U.S. official said that despite rising tensions in the region, the parties in negotiations with Iran continued to work in good faith to reach a final agreement. The official said, "As President Donald Trump and his administration have stated repeatedly, the memorandum of understanding in force with Iran is entirely activity-based. Iran will benefit only if it demonstrates good behavior."

International sources noted that oil prices rose by more than 5 percent after the decision was announced.

The U.S. decision came after reports in recent days by the United Kingdom Maritime Trade Operations (UKMTO) that three oil tankers had been struck with unidentified munitions in and around the Strait of Hormuz. An unnamed U.S. official had accused Iran of opening fire on commercial vessels.

The development came at a time when negotiations were under way between the U.S. and Iran toward a comprehensive final peace agreement that also includes Tehran’s nuclear program and sanctions on Iran.

General license had been announced by U.S. Treasury Secretary Bessent

U.S. Treasury Secretary Scott Bessent had announced on June 22 that they had issued a 60-day temporary general license allowing Iran to produce, deliver and sell oil until August 21.

Bessent had said, "Under the leadership of President Donald Trump and Vice President James David Vance, we continue to make the world safer and more prosperous. In line with the productive talks continuing in Switzerland, Iran has committed to allowing free passage through the Strait of Hormuz and the entry of International Atomic Energy Agency (IAEA) inspectors into its country. As part of this framework, the Treasury Department has issued a 60-day temporary general license allowing the production, delivery and sale of Iranian oil".