US rescinds oil waivers for Iran after ships attacked in Strait of Hormuz
The United States Treasury Department revoked temporary sanctions waivers that allowed Iran to export oil, following an attack on three ships in the Strait of Hormuz. These waivers had permitted iranian oil sales as part of efforts to negotiate a peace deal, and their removal raises concerns about maritime security and global oil markets. The attacks,involving a Qatari LNG tanker and Saudi crude oil tanker,prompted the U.S. to reimpose stricter sanctions on Iran, ending a 60-day license issued in June. The move signals a shift toward a tougher stance by the U.S. amid ongoing regional tensions and uncertainties over future negotiations with Tehran.
The United States Treasury Department on Tuesday rescinded temporary sanctions waivers that permitted Iran to export oil after Tehran attacked three ships in the Strait of Hormuz, raising new concerns about maritime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.
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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.
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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.
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