Sanctions on Iran Oil Resume, Transition Time to till 17^th July to Wind Down Commitments

[ABS News Service/08.07.2026]

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The United States has revoked the 60-day sanctions holiday that authorized US persons to purchase Iranian oil, hours after the British military reported strikes on three tankers transiting through the Strait of Hormuz.

The Treasury Department’s Office of Foreign Assets Control issued General License X1, revoking the 60-day sanctions holiday for transactions related to the sale of Iranian oil that began on June 21.

A White House official speaking on the condition of anonymity cited Tuesday's maritime attacks as the reason for the reimposition of sanctions, saying Iran's actions in the strait were “wholly unacceptable,” according to multiple outlets.

The superseding license allows 10 days for the wind-down of transactions commenced while sanctions were paused. Interested parties have until 12:01 am on July 17 to conclude those activities before sanctions resume.

The license stipulates that starting today, “any payment to a blocked person must be made into a blocked, interest-bearing account located in the United States” and no new sales or loadings are allowed.