U.S. Revokes Iran Oil Waiver After Hormuz Attacks, Launches New Military Strikes

The Trump administration has revoked its temporary sanctions waiver for Iranian oil exports and launched new military strikes against Iran after renewed attacks on commercial shipping in the Strait of Hormuz shattered the diplomatic breakthrough reached just over two weeks ago.

The Treasury Department’s Office of Foreign Assets Control (OFAC) on Tuesday issued General License X1, revoking the broad sanctions relief granted just over two weeks ago under General License X and replacing it with a 10-day wind-down period for existing transactions.

The new license takes effect immediately and authorizes only activities necessary to unwind previously permitted business through July 17.