The US Treasury Department on July 7, 2026, officially revoked the 60-day license that allowed Iran to sell crude and petroleum products. This reversal comes swiftly after Iran reportedly attacked three commercial ships in the Strait of Hormuz within a 24-hour period, signaling a return to the previous policy of maximum pressure on Tehran. The initial waiver, issued on June 22, 2026, was part of a fragile agreement aimed at fostering peace talks and easing hostilities with Iran, allowing the sale of Iranian oil and fuels, with payments permitted in US dollars.
The short-lived waiver had offered a brief window for Iran to re-enter global oil markets, with American refiners gaining the option to purchase Iranian crude for the first time in nearly four decades. Following the waiver, Iran had actively courted major Asian oil importers, including India, Japan, and South Korea, to offload a backlog of cargoes. The initial license, which was set to expire on August 21, was seen as a significant departure from decades of US economic pressure. However, the recent attacks in the Strait of Hormuz have effectively derailed these efforts, leading the US to reinstate sanctions and curtail Iran's ability to export oil.
This revocation highlights the precarious state of US-Iran relations and the challenges in maintaining a peace deal. The reported attacks by Iran on commercial vessels underscore the volatility in the region, particularly concerning the critical Strait of Hormuz. The US has indicated a strong likelihood of retaliatory strikes against Iranian targets, further escalating tensions. Indirect talks between the US and Iran in Doha, Qatar, last week had ended without significant progress on de-escalating military actions in the Strait of Hormuz, foreshadowing the recent events.
