Recent US actions have tightened pressure on Iranian oil exports amid stalled diplomacy over the Strait of Hormuz and Tehran’s nuclear program. After issuing a temporary 60-day General License X in June 2026 that permitted crude, product, and petrochemical sales through August, Washington revoked the waiver and imposed a naval blockade, driving Iranian seaborne crude exports to zero by early October. Treasury’s Operation Economic Outcast has since designated additional shadow-fleet vessels and support networks, while negotiations remain deadlocked over uranium enrichment limits and full sanctions termination. Oil traders are monitoring any potential reissuance of waivers or licenses ahead of key diplomatic deadlines, though current policy signals continued enforcement rather than near-term relief.