The US administration lifted the temporary waiver on oil sanctions against Iran, taking a step that escalates tensions in the region. The Office of Foreign Assets Control (OFAC) under the US Treasury Department revoked the general license issued on June 21, which was valid for 60 days. With this decision, new transactions involving Iranian crude oil, petrochemicals, and petroleum products will be prohibited from July 7.
The revocation of the license occurred in the shadow of recent incidents in the Strait of Hormuz. The United Kingdom Maritime Trade Operations (UKMTO) reported that three oil tankers transiting the strait were targeted in the last 24 hours, sustaining minor damage. The nationalities of the vessels were not disclosed.
The US-based news site Axios claimed that the Iranian military attacked two commercial ships transiting the strait, causing serious damage.
Regional tensions and diplomacy
The Strait of Hormuz has frequently been the scene of security tensions since the US and Israel launched a war against Iran on February 28. The now-revoked temporary license was issued following a temporary peace agreement reached earlier between the parties, allowing transactions until August 21.
Washington and Tehran had signed a memorandum of understanding on June 18 through Pakistani and Qatari mediation. The parties are continuing difficult negotiations to reach a final agreement.