US Rescinds Iran Oil Sales License Following Strait of Hormuz Attacks

WHO:

CNN - The Trump administration, Iran, US Treasury Department, Treasury Secretary Scott Bessent, US Energy Information Administration, Tom Kloza, Chief Energy Advisor for Gulf Oil.

WHAT:

CNN - The Trump administration canceled its waiver on Iranian oil sales after Tehran fired missiles at three ships near the Strait of Hormuz.

Bloomberg Markets - Tens of millions of barrels of Iranian oil already on tankers have been left in limbo after the US revoked a 60-day waiver allowing Iran to sell crude oil.

CNN - The Trump administration is reimposing sanctions on Iranian oil sales.

NY Post - The Trump administration canceled its waiver on Iranian oil sales.

Bloomberg Markets - The US Treasury Department revoked a waiver that allowed the sale of Iranian oil.

CNN - Brent oil prices rose 3% to $76 a barrel, while US oil surged nearly 6% above $70.

CNN - Iran exported roughly 50 million barrels of crude oil in June.

WHERE:

CNN - Strait of Hormuz.

CNN - Persian Gulf.

WHEN:

CNN - The US Treasury Department's notice stated that the earlier temporary sanctions relief had been “revoked and superseded in its entirety.”

WHY:

NY Post - The Trump administration described Iran's aggression as “wholly unacceptable.”

CNN - The sanctions are a response to a series of attacks on commercial ships near the Strait of Hormuz, which a US official described as “wholly unacceptable.”

CNN - The Trump administration claims sanctions would be lifted only if Iran upholds its end of the bargain, including demilitarization of the Strait of Hormuz and commitments related to its nuclear program.

HOW:

CNN - The US Treasury Department's action jeopardizes an interim peace deal between Washington and Tehran.

CNN - The US Treasury Department's action marks a significant shift from roughly five decades of US policy regarding Iranian oil sales.

CNN - Iran has relied on a shadow fleet of oil tankers to evade US sanctions, selling most of its oil to China.

(UPDATED July 8, 2026 05:53 UTC)

The Trump administration has canceled its waiver on Iranian oil sales following Iran's missile attacks on three ships near the Strait of Hormuz, labeling the aggression as “wholly unacceptable.” As a result, tens of millions of barrels of Iranian oil already on tankers are now left in limbo after the US revoked a 60-day waiver that allowed Iran to sell crude oil. This move by the US Treasury Department could jeopardize an interim peace deal between Washington and Tehran.

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(UPDATED July 7, 2026 21:24 UTC)

The Trump administration is reimposing sanctions on Iranian oil sales, marking a significant shift in US policy that has been in place for nearly five decades. This decision follows a series of attacks on commercial ships near the Strait of Hormuz, which US officials have deemed "wholly unacceptable," and comes as Brent oil prices rose three percent to $76 a barrel while US oil surged nearly six percent above $70. Iran, which exported roughly 50 million barrels of crude oil in June, has been using a shadow fleet of oil tankers to evade sanctions, primarily selling its oil to China.