Treasury cancels Tehran oil sale permission after Hormuz attacks

The U.S. Treasury announced the cancellation of General License X on the same day CENTCOM began its air campaign against Iran. The license, issued on June 21, had allowed limited sales of Iranian crude, petroleum and petrochemical products under the cease‑fire framework.

Effective immediately, the temporary exemption is nullified, and a replacement license – General License X‑1 – imposes a strict cutoff on any new Iranian oil purchases after July 7. The revised license gives a narrow window until July 17 for winding down any transactions authorized before the revocation.

The move follows accusations that Iran attacked three merchant vessels – the M/T Al‑Rakaayat (Marshall Islands flag), M/T Vediyaan (Saudi flag) and M/T Cyprus Prosperity (Liberian flag) – in the Strait of Hormuz. Washington described the attacks as a blatant breach of the cease‑fire and a threat to free navigation.

U.S. policymakers indicated that both the military strikes and the reinstated sanctions are part of a coordinated effort to compel Tehran to honor the agreement.