The United States reinstates oil sanctions on Iran

According to Golden Ten Data on July 8, based on information released by the U.S. Treasury Department's Office of Foreign Assets Control on July 7 local time, the United States has revoked a general license that allowed Iranian oil sales, with related winding-down transactions permitted to continue until midnight, July 17, U.S. Eastern Time. As a result, international oil prices rose sharply. Iran has not yet responded to this matter. According to anonymous U.S. officials, preliminary indications show that "Iran recently fired on three commercial vessels in the Strait of Hormuz," an action described as "completely unacceptable" and which will have corresponding consequences. On June 22, U.S. Treasury Secretary Janet Yellen had announced that as part of the U.S.-Iran negotiations framework, the U.S. Treasury Department issued a 60-day general license authorizing the production, delivery, and sale of Iranian oil. According to the notice issued that day by the U.S. Treasury Department's Office of Foreign Assets Control, transactions concerning the production, delivery, and sale of Iranian crude oil, petrochemicals, and petroleum products, which were previously prohibited by multiple U.S. executive orders and regulations, were exempted, with the exemption period lasting until August 21, 2026.