Iran Oil License Revoked Same Day It Took Effect, Leaving Traders in the Dark

On July 7, 2026, OFAC revoked Iran General License X—which had authorized crude oil and petrochemical sales—just 15 days after issuing it, replacing it entirely with License X1. Treasury has not disclosed the differences between them. Banks and traders using GL X's terms after July 7 face compliance violations. The speed leaves firms unable to adjust procedures and scrambling to learn X1's actual scope.