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The United States has revoked the general license that permitted the sale of Iranian oil and has decided to grant a transitional period ending on July 17 to complete previous oil transactions. This decision comes after attacks on oil tankers in the Strait of Hormuz and accusations against Iran of firing at commercial vessels, despite ongoing negotiations between Washington and Tehran regarding Iran's nuclear program and oil exports. Oil prices have surged significantly due to tensions in the Strait of Hormuz and the impact of sanctions on the Iranian economy, which relies heavily on oil as a primary source of foreign currency.
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