{"id":64386,"date":"2026-07-07T15:08:12","date_gmt":"2026-07-07T19:08:12","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/u-s-revokes-iran-oil-license-after-hormuz-attacks-crude-prices-surge\/64386\/"},"modified":"2026-07-07T15:08:12","modified_gmt":"2026-07-07T19:08:12","slug":"u-s-revokes-iran-oil-license-after-hormuz-attacks-crude-prices-surge","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/u-s-revokes-iran-oil-license-after-hormuz-attacks-crude-prices-surge\/64386\/","title":{"rendered":"U.S. Revokes Iran Oil License After Hormuz Attacks; Crude Prices Surge"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>U.S. Treasury revokes General License X<\/strong>, effectively ending a short-lived authorization for the production, delivery, and sale of <strong>Iranian <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">crude oil<\/a><\/strong> following maritime attacks.<\/li>\n<li><strong>Global oil benchmarks Brent and WTI surged over 3%<\/strong> immediately following the news, with Brent climbing toward <strong>$74 per barrel<\/strong> as supply concerns resurfaced.<\/li>\n<li><strong>Washington warns of &quot;consequences&quot;<\/strong> for Tehran after three tankers were reportedly struck by projectiles in the strategic <strong>Strait of Hormuz<\/strong> chokepoint.<\/li>\n<li><strong>Petrobras (<a href=\"\/stock\/PBR\">PBR<\/a>)<\/strong> reaches a <strong>300 million real ($55 million)<\/strong> settlement with Brazilian regulators to address compliance gaps at 335 offshore wells.<\/li>\n<\/ul>\n<p>The U.S. Department of the Treasury&#39;s <strong>Office of Foreign Assets Control (OFAC)<\/strong> has officially withdrawn <strong>General License X<\/strong>, a broad waiver issued just weeks ago that permitted the sale of Iranian oil. The revocation, effective <strong>July 7, 2026<\/strong>, follows a series of projectile attacks on commercial tankers in the <strong>Strait of Hormuz<\/strong>. A senior U.S. official described Iran&#39;s conduct in the strategic waterway as <em>&quot;wholly unacceptable,&quot;<\/em> signaling a sharp escalation in tensions.<\/p>\n<p><strong>Oil markets reacted aggressively<\/strong> to the sudden policy shift, with <strong>Brent crude<\/strong> and <strong>West Texas Intermediate (WTI)<\/strong> both jumping more than <strong>3%<\/strong>. Traders are pricing in a return to a more restrictive sanctions environment after a brief period of de-escalation that had seen oil prices dip toward <strong>$70 per barrel<\/strong>. Despite the revocation, the U.S. official noted that negotiators continue to work <em>&quot;constructively&quot;<\/em> toward a final diplomatic agreement, though the path forward is now significantly more volatile.<\/p>\n<p>In South America, the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (<strong>ANP<\/strong>) announced a major settlement with state-run oil giant <strong>Petrobras (<a href=\"\/stock\/PBR\">PBR<\/a>)<\/strong>. The company has agreed to pay <strong>300 million reais<\/strong> to resolve long-standing compliance issues. The regulator stated that <strong>Petrobras (<a href=\"\/stock\/PBR\">PBR<\/a>)<\/strong> is now committed to fixing safety and operational gaps across <strong>335 offshore wells<\/strong>, a move aimed at modernizing its massive subsea infrastructure.<\/p>\n<p>The broader energy sector remains on high alert as the <strong>Strait of Hormuz<\/strong>\u2014responsible for roughly <strong>20% of global oil consumption<\/strong>\u2014becomes a focal point of geopolitical friction once again. While the U.S. has issued a new &quot;wind-down&quot; license (<strong>General License X1<\/strong>) to allow for the orderly cessation of existing contracts, the immediate impact is a tightening of global supply. <em>Analysts suggest that if the maritime attacks continue, the recent gains in oil prices could be just the beginning of a sustained rally.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways U.S. Treasury revokes General License X, effectively ending a short-lived authorization for the production, delivery, and sale of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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