United States revokes license authorizing Iranian oil sales

Crude oil jumped sharply on July 7 after Washington revoked a general license that had permitted certain Iranian oil transactions, with the United States Oil Fund (USO) rising 4.94% to 108.92. The move follows attacks on tankers in the Strait of Hormuz and adds fresh geopolitical risk premium to a market that has spent months grinding lower. It also comes at a moment when questions about how the United States revokes visa authorizations for individuals tied to sanctioned trade have surfaced alongside the broader sanctions story, underscoring how aggressively Washington is now using its full toolkit against Tehran.

At a Glance

• USO trades at 108.92, up 4.94% on the day, after the Treasury pulled a license allowing Iranian oil sales.
• The 52 week range for USO spans 102.42 to 154.08, placing the current print near the lower third of that band.
• RSI sits at 38.72, still shy of oversold territory but reflecting a market that had been under pressure before today's spike.
• Treasury set a wind down period through July 17 for transactions previously permitted under the now revoked license.
• Three tankers reported being struck near the Strait of Hormuz, a corridor carrying roughly a fifth of global oil consumption.

What Triggered the Jump in Crude

The Treasury's decision to revoke the general license strips away a pathway that had allowed some Iranian oil transactions to proceed despite existing sanctions. A U.S. official called Iran's conduct in the Strait of Hormuz