US Treasury revokes Iran oil sanctions waiver effective June 21
The US Treasury has revoked an Iran-related licence, effectively unwinding the sanctions removal from June 21.
The move comes as US negotiators continue to work with Iran, but also condemn the country’s actions in the Strait of Hormuz as unacceptable.
The announcement has led to a surge in oil prices, with WTI up over 3% and extending gains by 20 cents.