The Trump administration revoked a sanctions waiver on July 7, 2026, that permitted the sale of Iranian oil and petrochemicals. This decision follows reports of Iran striking three ships near the Strait of Hormuz, a critical waterway for oil shipping. The Treasury Department's new document indicates that transactions previously authorized under the sanctions waiver will no longer be permitted.
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US Revokes Sanctions Waiver for Iranian Oil Following Strait of Hormuz Incidents
On July 7, 2026, the Trump administration revoked a sanctions waiver that allowed for the sale of Iranian oil and petrochemicals. This action was taken after reports of Iranian strikes on three ships in the Strait of Hormuz.
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US revokes Iran oil sanctions waiver after Strait of Hormuz strikes
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US Revokes Sanctions Waiver for Iranian Oil Following Strait of Hormuz Incidents