US Revokes Iran Oil Sanctions Waiver After Tanker Attacks
Quick Look
- The US Treasury Department revoked a license lifting oil sanctions on Iran after attacks on tankers in the Strait of Hormuz.
- The waiver, which allowed Iran to sell oil until August 21, was rescinded due to "wholly unacceptable" actions by Tehran.
AI-generated summary
Why It Matters
The US had previously lifted oil sanctions on Iran temporarily. This waiver allowed Iran to produce, sell, and deliver crude oil and related products.
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.
Open Questions
- Who is responsible for the tanker attacks?
- What specific consequences will Iran face?
- Will other countries impose similar sanctions?
