The US Treasury's Office of Foreign Assets Control revoked General License X on July 7, ending the authorization that had permitted Iranian crude oil, petrochemical, and petroleum-product transactions through Aug. 21. Its replacement, General License X1, allows only wind-down transactions until 12:01 a.m. ET on July 17, creating a near-term deadline that could tighten global oil supply. The policy shift has pushed crude prices higher, with Brent settling at $74.16 and WTI rising alongside a roughly 5% jump. While Bitcoin has remained relatively stable, the approaching oil deadline introduces a potential macroeconomic risk that could ripple into broader markets, including cryptocurrencies. Rising energy costs can feed into inflation expectations and influence central bank policy, factors that historically affect risk assets. Traders are watching whether the July 17 cutoff triggers further volatility in commodities and spills over into digital-asset pricing.
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