OFAC Revocation of GL X with Restrictive GL X1 Amidst Resurfacing Iranian Conflict

OFAC Revocation of GL X with Restrictive GL X1 Amidst Resurfacing Iranian Conflict reports that the U.S. Treasury’s Office of Foreign Assets Control (OFAC) is ending the wind-down of General License X1 at 12:01 a.m. EDT and replacing the previous authorization framework for Iran’s petroleum sector. The updated action, effective as of July 7, 2026, revokes authorization for transactions involving the production, sale, delivery, or offloading of crude oil, petrochemical products, or petroleum products of Iranian origin, reversing General License X’s approvals. OFAC says the steps follow renewed escalation after three tankers were struck in the Strait of Hormuz by Iran’s Islamic Revolutionary Guard Corps on the same day. The strait remains a strategic flashpoint as Iran asserts control and demands official routes while the U.S. applies economic and military pressure. The article frames the move within broader U.S.-Iran rivalry, referencing past events including the 1953 coup and earlier February strikes.