U.S. withdrawal of general authorization for Iranian oil sales 7pushes oil prices higher
The United States has 7withdrawn the general authorization that allowed the sale of Iranian oil. The measure came amid recent attacks on tankers, and international oil prices rose immediately after the announcement.
The United States announced that it had officially withdrawn the general authorization allowing the sale of Iranian oil. The measure was taken immediately after attacks on tankers linked to Iran.7The United States announced that it had officially withdrawn the general authorization allowing the sale of Iranian oil. The measure was taken immediately after attacks on tankers linked to Iran.
A general authorization is an administrative permit that allows certain countries or companies to trade, on a limited basis, resources from countries subject to sanctions. The withdrawal immediately blocks the flow previously imported under the authorization.
International crude oil prices rose immediately after the withdrawal was announced. The market reacted at once, and futures prices showed volatility.
The U.S. government announcement specified when the revocation measure would take effect and its scope of application. The effective date is 7and the exception provisions of existing permits are no longer valid.
The announcement also stated that investigations and inquiries related to international maritime security would be conducted in parallel. Additional data and evidence concerning the tanker attack are being gathered.
As a result of this measure, markets and contract terms related to crude oil imports, refining, and transportation are increasingly likely to be reviewed in the short term. Legal and practical adjustments involving relevant companies and vessel transportation contracts are expected.
Sources: Reuters,CNBC Top News
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