US Revokes Iran Oil License — Deal Collapses in Two Weeks
Treasury Secretary Scott Bessent testifies before the House Committee on Ways and Means during a hearing on Capitol Hill, Thursday, June 4, 2026, in Washington
The US Treasury is revoking its authorization for operations with Iranian oil from July 7, banning new transactions and allowing existing deals to be wound down only until July 17.Just two weeks ago, the US issued General License X, authorizing the production, delivery and sale of Iranian crude oil, petrochemical products and petroleum products through August 21, 2026.
That license was part of the US-Iran memorandum framework, under which the US was supposed to provide sanctions relief, including waivers for Iranian oil exports.
But the US was never planning to honor the deal it begged for.
Treasury Secretary Scott Bessent already admitted the trick out loud:“It is a carrot that we can always pull back.”
WorldUS Commits to Suspending Sanctions on Iranian Oil Exports — Reports15 June, 04:38 GMT
