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Current Affairs

US revokes temporary sanctions waiver on Iranian oil after vessels attacked in Hormuz

The US Treasury Department on Tuesday revoked a licence that temporarily lifted oil sanctions on Iran, calling Tehran’s actions in the Strait of Hormuz “wholly…

By Samantha Johnson / July 7, 2026

The US Treasury Department on Tuesday revoked a licence that temporarily lifted oil sanctions on Iran, calling Tehran’s actions in the Strait of Hormuz “wholly unacceptable”.

“Iran’s actions in the Strait were wholly unacceptable to the United States and will be met with consequences,” a US official told Agence France-Presse, after attacks on tankers in the key waterway.

The waiver announced in June had originally allowed the Islamic republic to produce, sell and deliver crude oil and related products until August 21.

Washington’s move comes after three tankers including a Qatari LNG vessel were struck within hours in the Strait of Hormuz, according to maritime monitors and Qatar.

The LNG tanker was at risk of exploding and a Saudi crude tanker was damaged, prompting maritime authorities to raise the threat level for vessels transiting the strategic waterway to “severe” following reports Iran attacked commercial ships overnight.

There was no claim of responsibility for the attacks. A US official, speaking on condition of anonymity, said initial indications were that Iran had fired at two commercial vessels.

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