Report on Iranian oil

(a) In general Not later than 30 days after the date of enactment of this Act, and every 60 days thereafter for three years, the Secretary of State in consultation with the heads of other Federal departments and agencies as appropriate, shall submit to the appropriate congressional committees a report on the impact of the closure of the Strait of Hormuz on Iranian oil. (b) Elements Each report under subsection (a) shall include an analysis of the impact of Iran-related General License U, Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Iranian Origin Loaded on Vessels as of March 20, 2026, issued by the Office of Foreign Assets Control of the Department of the Treasury and any extensions or successors thereof on the following: (1) The volume and sale price of Iranian crude and refined oil product exports. (2) The revenue earned by the Government of the Iran or state-affiliated or state-owned entities through exports of oil products, including the premium earned on Iranian oil as a result of the closure of the Strait of Hormuz and the subsequent fallout thereof. (3) Iranian oil production levels as of April 2026. (c) Appropriate congressional committees defined In this section, the term appropriate congressional committees means— (1) the Committee on Foreign Relations and the Committee on Energy and Natural Resources of the Senate; and (2) the Committee on Foreign Affairs and the Committee on Energy and Commerce of the House of Representatives.