What specific action did the US take regarding Iranian oil sales, and what immediate trigger prompted this decision?

The US Treasury Department revoked a waiver that allowed the sale of Iranian oil, effective July 7, in direct response to attacks on three tankers in the Strait of Hormuz, which the US attributed to Iran. The Office of Foreign Assets Control stated that no new transactions for Iranian oil may occur on or after that date, ending a 60-day waiver previously granted under an interim peace agreement.

How does the US official's statement reflect the conditional nature of the interim peace deal with Iran?

A US official stated that Iran will only receive the benefits of its deal with the US if it exhibits 'good behavior', explicitly calling Iran’s actions in the Strait of Hormuz 'unacceptable' and warning of consequences—while also affirming that negotiators continue to work 'in good faith toward a final deal', underscoring that the peace process remains intact but is strictly contingent on Iran’s conduct.

US Revokes Waiver Allowing Iran Oil Sales After Attacks

Jul 7, 2026

The US Treasury revoked a waiver permitting Iranian oil sales following tanker attacks in the Strait of Hormuz. Consequently, Brent crude surged above $75 per barrel, threatening interim peace negotiations and global market stability.

bloomberg

2026-05-18

US Treasury to Extend Sanction Waiver on Russian Seaborne Oil, Source Says

2026-07-07

US Revokes Waiver Allowing Iran Oil Sales After Attacks

US Revokes Waiver Allowing Iran Oil Sales After Attacks

FAQ