Washington revoked Iran’s crude export license following tanker strikes, halting a key revenue concession from last month’s talks.
The US Treasury revoked Iran’s general license for crude oil sales on Tuesday, terminating the shortest sanctions relief in recent history. The move follows attacks on three tankers in the Strait of Hormuz, a critical oil transit route, and strips Tehran of a major revenue concession from June’s 14-point framework agreement.
The waiver, issued in June and set to expire August 21, was rescinded after just 19 days. US officials cited Iran’s conduct in the strait as intolerable, warning of consequences while insisting negotiations continue. The Treasury ordered transactions under the license unwound by July 17.
Markets had anticipated stability through August, but the abrupt reversal signals Washington’s transactional approach to compliance. President Trump’s threat to escalate if no deal materializes adds further uncertainty to global oil supply dynamics.