The U.S. Department of the Treasury announced on Tuesday, July 7, that it had revoked the general license covering the sale of the Iranian regime’s crude oil, petroleum products, and petrochemical products. The decision followed recent attacks on several oil tankers in the Strait of Hormuz, attacks that Washington has attributed to the Iranian regime and warned would have consequences.
Reuters and Agence France-Presse (AFP), citing a U.S. official, reported that the U.S. government had revoked the license that had allowed the Iranian regime to sell oil. The official stressed that the regime’s actions in the Strait of Hormuz were “completely unacceptable” and would face serious consequences.
The move comes as the United Kingdom Maritime Trade Operations (UKMTO) organization has reported that three oil tankers were attacked in the waters of the Strait of Hormuz and surrounding areas in recent days. U.S. officials have said that preliminary findings indicate the Iranian regime was involved in the attacks, although no group has claimed responsibility and the Iranian regime has not responded to the allegations.
According to the reports, on July 6, two oil tankers—one carrying Saudi Arabian crude oil and the other transporting Qatari liquefied natural gas (LNG)—were attacked. One day later, a third tanker in the same area was struck by a projectile, incidents that have once again challenged the security of one of the world’s most important energy transit routes.
Despite these tensions, the U.S. official emphasized that Washington continues to keep the diplomatic path open and that American negotiators are working in good faith to reach a final agreement with the Iranian regime. However, the official warned that the recent attacks could undermine the fragile understanding between the two sides and place the negotiations at serious risk.
The revocation comes as easing restrictions on oil exports had been one of the most significant economic incentives in negotiations between the United States and the Iranian regime. With the U.S. Treasury’s latest decision, economic pressure on the Iranian regime has once again increased.
Oil exports remain the Iranian regime’s most important source of foreign currency revenue. Despite U.S. sanctions, the regime has continued to export much of its oil in recent years, particularly to China. According to observers, revoking the license for oil and petrochemical sales could place additional pressure on the regime’s financial resources and further limit its ability to finance domestic expenditures and regional activities.
