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Last Updated:July 08, 2026, 00:40 IST
US revokes license for Iranian oil sales, citing unacceptable actions in Strait of Hormuz. Oil prices rose over 3%.
OPEC plus, including Saudi Arabia and Russia, is expected to approve another July output increase despite Iran related Strait of Hormuz risks, with a final decision due soon. (Courtesy: Reuters)
The United States is revoking a general license that authorized the sale of Iranian oil, a U.S. official said on Tuesday, warning that Iran’s actions in the Strait of Hormuz were “wholly unacceptable" and would be met with consequences after attacks on tankers in the strategic waterway.
Oil prices rose more than 3% following the announcement. The U.S. official said negotiators continued to work in good faith toward a final agreement with Iran despite the latest escalation.
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News world US Revokes Iran Oil Sanctions Waiver Agreed Under MOU After Tanker Attacks In Hormuz
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