The United States Treasury Department on Tuesday rescinded temporary sanctions waivers that permitted Iran to export oil after Tehran attacked three ships in the Strait of Hormuz, raising new concerns about maritime security and threatening a fragile peace agreement with Washington.
The Treasury Department’s Office of Foreign Asset Control’s decision ends a 60-day general license issued on June 21 that permitted the production, sale, delivery, and transport of Iranian crude oil and petroleum products as part of negotiations aimed at securing a broader peace agreement with Tehran.
The Trump administration’s revocation of the waiver comes after three vessels were attacked in the Strait of Hormuz, the strategic waterway through which roughly one-fifth of the world’s oil supply passes. A Qatari LNG tanker and a Saudi crude oil tanker were struck on Monday, and an additional tanker was hit on Tuesday. The attacks renewed fears of disruptions to global energy markets and prompted Washington to restore economic pressure on Tehran.
The waiver had marked one of the most significant sanctions-relief measures offered to Iran in decades. It allowed transactions involving Iranian oil, including banking, insurance, and shipping services, in exchange for commitments tied to nuclear inspections and maintaining freedom of navigation through the Strait of Hormuz.
Temporary relief on Iran was intended to encourage progress toward a permanent peace agreement while helping stabilize global oil prices after months of conflict in the region. Oil prices fell following the announcement of the waiver in late June as traders anticipated additional Iranian crude reaching world markets.
IRANIANS CALL FOR TRUMP’S DEATH AT FUNERAL FOR ASSASSINATED AYATOLLAH: ‘SEEK REVENGE’
President Donald Trump said the U.S. had given Tehran “a week off” for funeral ceremonies for the late Supreme Leader Ali Khamenei, who was killed by U.S. strikes in the opening days of the war.
Tuesday’s reversal signals a return to a tougher sanctions posture as the White House weighs its response to the latest maritime attacks. It remains unclear whether negotiations between Washington and Tehran will continue or whether additional economic penalties will be imposed in the coming days.