U.S. Revokes Iran Oil Waiver After Strait of Hormuz Tanker Strikes

The Treasury Department eliminated Iran's last legal crude and petrochemical export channel on July 7, days after three tankers were struck in the Strait of Hormuz. The revoked waiver, issued June 21, had permitted Iranian petroleum sales. The strikes' attribution remains unconfirmed, yet the U.S. treated the incident as sufficient cause to block Iranian oil sales entirely rather than tighten restrictions incrementally. Global oil markets and shipping insurers now weigh renewed closure risk in this critical waterway.