US revokes Iran oil waivers after tanker attacks in Strait of Hormuz

The United States on Tuesday revoked a general license that had authorized the sale of Iranian oil, following attacks on commercial tankers in the Strait of Hormuz that Washington called "wholly unacceptable," according to Reuters ↘ 4.69%.axios+1

The move effectively reimposed sanctions on Iranian crude exports that had been temporarily lifted just two weeks ago as part of a fragile diplomatic framework between the two countries. Oil futures rose more than 3% on the news, underscoring the market's sensitivity to disruptions in the strait, through which roughly a fifth of global oil consumption passes daily.investing

Tanker Attacks Trigger Response

The revocation came after at least two tankers were struck by projectiles in the Strait of Hormuz. The United Kingdom Maritime Trade Operations center reported Tuesday that a tanker caught fire off the coast of Oman after being hit by an unidentified projectile while traveling southbound through the strait. A second vessel, believed to be a Saudi-flagged crude oil tanker, also sustained damage. No casualties were reported in either incident.npr+2

Axios reported, citing unnamed U.S. officials, that Iran's Islamic Revolutionary Guard Corps fired at least two missiles at commercial ships transiting through the strait on Monday night. Qatar condemned what it called an Iranian attack on one of its liquefied natural gas tankers. Iran has not claimed responsibility for the strikes.aljazeera+1

A Short-Lived Diplomatic Achievement Undone

The revoked license — known as General License X — had been issued by the Treasury Department's Office of Foreign Assets Control on June 22, authorizing a broad range of transactions involving Iranian-origin crude oil and petroleum products through August 21, 2026. It was issued to fulfill commitments under a 14-point Memorandum of Understanding signed June 17 between Washington and Tehran, which established a framework for de-escalation and sanctions relief in exchange for nuclear inspections and free transit through the Strait of Hormuz.reuters+2

The license had permitted Iranian oil sales, U.S. dollar payments to Tehran, and importation of Iranian petroleum products into the United States — measures that represented the most permissive sanctions relief in years.hklaw

Negotiations in Jeopardy

The revocation marks an escalation in economic pressure on Tehran and raises questions about whether broader peace talks can survive. A U.S. official told Reuters that negotiators continue to work "in good faith" toward a final agreement despite the latest events. But Iran had already warned it would not continue talks unless President Trump halted what it characterized as repeated threats to restart the war. The New York Times reported Tuesday that the attacks posed a "fresh challenge to the delicate cease-fire" between the two nations.reuters+2