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US reinstates Iran oil sanctions, orders wind-down by 17 July

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US has revoked a licence permitting the purchase of Iranian crude oil, petrochemical products and petroleum products, with the restrictions taking effect immediately.
Zbynek Burival on Unsplash

The US Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday (7 July) revoked a licence that had temporarily authorised transactions involving crude oil, petrochemical products and petroleum products of Iranian origin.

Under the new licence, the purchase of Iranian crude oil, petrochemical products and petroleum products is prohibited with immediate effect.

The latest licence replaces an authorisation issued on 22 June, which had been scheduled to remain in force until 21 August. The previous authorisation permitted the bunkering of vessels engaged in the approved transactions.

Parties that entered into contracts for Iranian oil during the period in which the authorisation was in effect have until 17 July to wind down Iran-related transactions.

 

Photo credit: Zbynek Burival on Unsplash
Published: 8 July, 2026

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