Referred to the Committee on Foreign Affairs, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Summary
The bill nullifies General License U, which had permitted the delivery and sale of Iranian crude oil loaded on vessels after March 20, 2026. It directs the President to block assets and deny visas to Iranian individuals involved in oil extraction, refining, or transportation, while allowing limited humanitarian and UN‑related exceptions. It also requires the State Department to submit regular reports on how the license cancellation and a possible Strait of Hormuz closure affect Iran’s oil revenue.
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