The purpose of the No Oil Profiteering to Enrich Iran Act, also known as the NOPE Act, is to cancel a specific U.S. government license that allows for the sale and delivery of Iranian crude oil and petroleum products. This action aims to increase pressure on Iran by restricting its oil revenue, which is crucial for its economy and funding for various activities. Key provisions of the Act include the immediate nullification of General License U, which permits transactions related to Iranian oil.