The Trump administration is revoking a sanctions waiver that temporarily allowed the production, delivery, and sale of Iranian oil after a series of attacks on commercial tankers in the Strait of Hormuz, according to a US official.
The US Treasury Department’s Office of Foreign Assets Control (OFAC) is revoking the authorization that had permitted Iranian oil production, delivery, and sales through August 21, the official told CNBC on Tuesday.
Three Tankers Attacked In Strait Of Hormuz
The move comes after three tankers were struck by projectiles on Tuesday in the Strait of Hormuz, according to the United Kingdom Maritime Trade Operations (UKMTO).
One tanker travelling off the coast of Oman caught fire after being hit, while two other vessels also sustained damage, including one reportedly struck by a drone. UKMTO said no injuries were reported and that at least one of the damaged vessels continued its voyage.
Iranian state television said the liquefied natural gas tanker was attacked after ignoring warnings but did not directly claim responsibility for the assault.
Tehran has repeatedly declared that only its approved route through the strait is safe and is suspected of attacking vessels using an alternative route close to Oman’s coast.
Trump Administration Says Iran Failed To Meet Terms Of Interim Deal
The sanctions waiver was issued after the United States and Iran signed an interim agreement on June 17 that reopened the Strait of Hormuz and temporarily eased US sanctions on Iranian oil.
According to a US official, the administration decided to withdraw the waiver after Iran launched the recent tanker attacks, which were described as an attempt to discourage ships from using a US Navy-protected shipping route near Oman’s coast.
The official said the agreement with Tehran depended on Iran’s conduct.
“As President Trump and the administration have repeatedly affirmed, the MOU in effect with Iran is entirely performance-based.”
The official added, “Iran will only reap benefits if they exhibit good behavior.”
Referring to the reported attacks, the official said, “Iran’s actions in the Strait were wholly unacceptable to the United States and will be met with consequences.”
OFAC Announces Wind-Down Period
Separately, OFAC amended the general license covering Iranian petrochemical products, revoking the authorization effective immediately.
The Treasury Department said a 10-day “wind-down” period has been granted, allowing previously authorized transactions to conclude no later than 12:01 AM ET on July 17, 2026.
Talks With Iran Remain On Hold
The United States has said it wants to continue negotiations with Iran aimed at fully reopening the Strait of Hormuz, rolling back Tehran’s disputed nuclear program and reaching a permanent end to the war that began on February 28.
However, talks appeared to be on hold until after the burial of Iran’s Supreme Leader Ayatollah Ali Khamenei, who was killed at the beginning of the war.
The revocation of the sanctions waiver marks the latest US response to the reported attacks in one of the world’s most important maritime trade routes, through which about one-fifth of globally traded oil and natural gas passed during peacetime.