US revokes Iran oil waiver after Hormuz attacks

WASHINGTON — The Trump administration is revoking the waiver that authorized the sale of Iranian oil as part of the two countries’ preliminary agreement to end their war, a US official confirmed to Al-Monitor.

Speaking on condition of anonymity, the official said the general license would be rescinded following “wholly unacceptable” Iranian strikes in the Strait of Hormuz this week.

“As President Trump and the administration have repeatedly affirmed, the MOU in effect with Iran is entirely performance-based,” the official said in a statement. “Iran will only reap benefits if they exhibit good behavior.”

On June 22, the Treasury Department issued a general license allowing the production, delivery and sale of crude oil and petrochemical and petroleum products of Iranian origin through Aug. 21. It allowed payments in US dollars to the government of Iran and blacklisted Iranian entities for oil purchases that would otherwise be prohibited under US sanctions.

This is a developing story and will be updated.