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Iran's oil export pathway runs through a narrow administrative channel: a specific US government licence that carves exceptions into the broader sanctions architecture.
Pull that licence, and the legal route for Iranian crude to reach global buyers closes.
The Trump administration has pulled it, pairing the revocation with a new wave of military strikes on Iran following attacks on tankers, and crude prices have moved higher.
The licensing mechanism The licence in question permitted the Islamic Republic's oil sales despite standing sanctions. Its existence created a defined export channel with auditable transactions.
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