U.S. Cuts Off Iran's Oil Sales After Tanker Attacks in Strait of Hormuz

The Treasury Department revoked Iran's waiver for crude and petrochemical exports on July 7, days after three tankers were struck in the Strait of Hormuz. The U.S. moved to total restriction rather than incremental tightening, despite unconfirmed attribution for the strikes. Global oil markets and shipping insurers now assess renewed closure risks in this vital waterway.