PNN – A Western media outlet has claimed that the terrorist US government has revoked the authorization for Iranian oil sales.
According to the report of Pakistan News Network, Reuters reported—citing a US official—that the US Treasury Department has rescinded its previous decision to grant authorization for the sale of Iranian oil.
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has announced the revocation of a previous general license issued on June 21 for the sale of Iranian oil and petrochemical products, replacing it with a new license (General License X1).
The new U.S. Treasury Department license grants parties a maximum of 10 days to wind down all transactions that previously authorized the sale and delivery of crude oil, petrochemical products, and petroleum products of Iranian origin.
The new license also emphasizes that, effective today (July 7, 2026), the United States does not authorize any new transactions—including the purchase or loading—involving crude oil, petrochemical products, or petroleum products of Iranian origin.
Immediate Impact of News Regarding the Revocation of Iran’s Oil Sales Waivers on Global Markets
Following the decision by the U.S. Treasury Department—of the terrorist American administration—to revoke waivers allowing the sale of Iranian oil, global energy and currency markets experienced significant volatility.
The price of Brent crude oil surged by 3.01% (an increase of $2.17), reaching $74.16 per barrel.