U.S. Revokes Iran Oil License Before Traders Could Use It, Leaves Terms Secret

OFAC revoked Iran General License X on July 7, 2026—just 15 days after issuing it—and replaced it with License X1 without disclosing what changed. The license had permitted crude oil and petrochemical sales. Banks and traders who operated under X's terms after July 7 now face compliance violations. Treasury's silence forced firms to scramble; compliance procedures couldn't adjust in time.