US Revokes License Allowing Iran Oil Sales; Wind-Down Runs Until July 17

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has revoked a general license that had authorized Iran’s oil sales, with wind-down transactions allowed to continue until 12:00 a.m. US Eastern time on July 17, according to Jiemian News. International oil prices rose following the move, while Iran had not responded at the time of publication. Separately, anonymous US officials said initial indications showed Iran had recently opened fire on three merchant vessels in the Strait of Hormuz, calling the action “completely unacceptable” and warning of consequences. The officials added that despite the escalation, US negotiators were still working “in good faith” toward a final agreement with Iran.