General License U expires zero-tolerance Iranian oil export regime begins

General License U expires at end of business. All previously authorized Iranian oil import licenses terminate. OFAC begins enforcement of comprehensive oil sector designations with zero exceptions. No countries hold legal authorization to import Iranian crude. Oil markets absorb the final removal of 140 million barrels of supply. Global Brent crude trades above $100 per barrel for the first time since 2014. Iran's government confronts permanent loss of oil revenue access, estimated annual impact of $20-40 billion depending on enforcement variance.