The NOPE Act would cancel a Treasury Department license that authorized the delivery and sale of Iranian crude oil and petroleum products, effective immediately upon passage. Within 30 days of enactment, the bill requires the President to impose sanctions on Iranian individuals and entities involved in oil and gas extraction, refinement, production, and maritime transportation, including asset freezes and visa revocations. The sanctions include exceptions for humanitarian assistance such as food, medicine, and medical devices, as well as for activities necessary to comply with U.S. international obligations and authorized intelligence or law enforcement operations. Additionally, the bill requires the State Department to submit reports to Congress every 60 days for three years analyzing the impact of the canceled license on Iranian oil exports, production levels, and government revenues. The legislation would penalize violations under existing economic sanctions laws.