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US revokes Iran oil waiver after tanker attacks in Strait of Hormuz escalate tensions.
Key points
• US revokes oil waiver
The US Treasury revoked a temporary sanctions waiver allowing Iran to export crude oil, replacing it with a stricter licence that bars new purchases from July 7.
• Iran condemns decision
Iran called the revocation a ‘clear and material breach’ of the June 18 Islamabad Memorandum of Understanding, holding the US fully responsible for consequences.
• Tanker attacks escalate
Three tankers were struck in the Strait of Hormuz, reviving concerns over freedom of navigation and prompting US threats of consequences for Iran’s actions.
• US-Iran negotiations ongoing
Despite tensions, US officials stated negotiations continue ‘in good faith’ towards a final deal, contingent on Iran’s ‘good behaviour’.
• New licence terms
Companies have until July 17 to wind down transactions under the previous waiver, with payments to blocked persons requiring US-based blocked accounts.
Key statistics
June 18, 2026
Date of Islamabad Memorandum of Understanding
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Statement by the Ministry of Foreign Affairs of the Islamic Republic of Iran on the United States’ Explicit Violation of Article 10 of the Islamabad Memorandum of Understanding
July 8, 2026
(Unofficial Translation)
The Ministry of Foreign Affairs of the Islamic Republic of Iran… pic.twitter.com/IaON7Cv65K
— Iran in India (@Iran_in_India) July 7, 2026
Published 08 July 2026, 03:23 IST