The United States has revoked a temporary sanctions waiver that allowed Iran to produce, sell, and export crude oil after three tankers were attacked in the Strait of Hormuz, increasing pressure on Tehran during ongoing negotiations over ending the Middle East conflict.
The US Treasury canceled the licence, originally valid until August 21, stating that Iran's actions in the strategic waterway were "unacceptable" and would have consequences. However, Washington said it remains committed to continuing talks with Iran in good faith.
The renewed attacks ended more than a week of relative calm in the Strait of Hormuz, raising fresh concerns over maritime security and global energy supplies. Oil prices climbed more than 2% as markets reacted to the escalating tensions.
Under the US-Iran memorandum signed last month, Iran and Oman are expected to hold talks with Gulf states on the future administration of the Strait of Hormuz. Security analysts say the latest attacks could complicate those efforts and threaten the fragile ceasefire between the two countries.
