On July 7, 2026, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) revoked its recent rollback of sanctions against Iran with the issuance of General License X1 (GL X1).
On June 21, 2026, OFAC issued General License X (GL X), temporarily authorizing transactions involving Iranian-origin crude oil, petrochemical products, and petroleum products that would otherwise be prohibited under existing U.S. sanctions programs.1 This development represented one of the most significant, albeit temporary, reversals of U.S. policy towards Iran’s energy sector in the past four decades. Although GL X was originally effective through August 21, 2026, the issuance of GL X1 replaces GL X in its entirety, calling for the “revocation and wind down of June 21, 2026, authorization for the production, delivery and sale of crude oil, petrochemical products, and petroleum products of Iranian origin.”2