Crude Spikes As US Scraps Iran Oil Waiver Ahead Of Expected Retaliation

*US IS REVOKING IRAN-RELATED GENERAL LICENSE TO EXPORT OIL *IRAN'S ACTIONS IN STRAIT OF HORMUZ WHOLLY UNACCEPTABLE: OFFICIAL Revocation and Wind Down of June 21, 2026 Authorization for the Production, Delivery and Sale of Crude Oil Products of Iranian Origin Effective July 7, 2026, General License X, dated June 21, 2026, is revoked and superseded in its entirety by General License X1. Except as provided in paragraph, all transactions prohibited by the above-listed authorities that are ordinarily incident and necessary to the wind down of transactions previously authorized by General License X are authorized through 12:01 a.m. eastern daylight time, July 17, 2026, provided that any payment to a blocked person must be made into a blocked, interest-bearing account located in the United States. Note to paragraph (b). Except to the extent ordinarily incident and necessary to the wind down of transactions previously authorized by General License X for the production, sale, delivery, or offloading of crude oil, petrochemical products, or petroleum products of Iranian origin, paragraph (b) does not authorize any new transactions, including purchases or loading of such products on or after July 7, 2026.

Iran's Foreign Ministry Spokesperson: Qatar’s accusations against Iran regarding attack on a vessel linked to the country in the Strait of Hormuz are perplexing and inconsistent with the principle of good neighborliness.

The U.S. began a “series of powerful strikes” against Iran on Tuesday in retaliation for Iranian attacks on three commercial vessels transiting the Strait of Hormuz, U.S. Central Command said. “U.S. Central Command forces have begun launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping ...