The United States has revoked Iran’s 60-day oil export license, known as General License X. The move follows Iran's recent actions in the Strait of Hormuz, which US officials deemed unacceptable.
The license allowed Iran to conduct dollar-based transactions and export crude oil to the US. It was scheduled to expire in August 2026.
The revocation escalates tensions after Iran previously closed the vital shipping strait and announced plans to charge fees on shipping routes. This challenges a June 2026 agreement on free transit.
Markets are interpreting the move as a sign of potentially tighter global oil supplies. This could push WTI Crude Oil prices higher.