A U.S. official told Reuters on Tuesday, July 7, that the American government is revoking the general license authorizing the sale of Iranian oil in response to the Islamic Republic’s attacks on commercial vessels in the Strait of Hormuz.
The U.S. official described the Islamic Republic’s actions in the Strait of Hormuz as “wholly unacceptable” and warned that they would not go without consequences.
Following the release of the news, global oil prices surged by more than three percent.
Despite this development, the official emphasized that American negotiators continue to engage in talks in good faith to reach a final agreement with the Islamic Republic, noting that diplomatic efforts have not stalled.
Minutes after Reuters published the report, the United States Department of the Treasury announced that it had rescinded a general license that allowed Iran to sell its oil.
