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US terminates sanctions waiver on Iranian oil

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Jinse Finance reported that on July 8, according to the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) on local time July 7, the United States revoked a general license authorizing the sale of Iranian oil, and related wind-down transactions will be allowed to continue until 12:00 a.m. Eastern Time on July 17. Affected by this, international oil prices rose immediately. Iran has not yet responded to this. According to an anonymous U.S. official, preliminary signs indicate that "Iran recently opened fire on three merchant vessels in the Strait of Hormuz," and this behavior is "completely unacceptable" and will lead to corresponding consequences. The U.S. official also said that despite the escalation of the situation, U.S. negotiators are "still pushing forward in good faith to reach a final agreement with Iran." U.S. Treasury Secretary Bessent announced on June 22 that as part of the framework of U.S.-Iran negotiations, the U.S. Treasury Department issued a 60-day general license authorizing the production, delivery, and sale of Iranian oil. According to the announcement issued by OFAC on that day, transactions involving the production, delivery, and sale of Iranian crude oil, petrochemicals, and petroleum products, which were previously prohibited by multiple U.S. executive orders and regulations, were exempted until August 21, 2026. (CCTV News)
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