The United States Treasury Department rescinded temporary sanctions waivers for Iran on July 7, 2026, which had allowed the country to export oil. This decision follows attacks on three ships in the Strait of Hormuz, a critical waterway for global oil supply. The waivers were originally issued on June 21, 2026, as part of negotiations for a broader peace agreement with Iran, permitting the production and sale of Iranian crude oil and petroleum products.
The revocation of the waiver comes after a Qatari LNG tanker and a Saudi crude oil tanker were attacked on July 6 and July 7, raising concerns about maritime security and potential disruptions to global energy markets. The waiver had represented a significant easing of sanctions on Iran, allowing for transactions involving Iranian oil in exchange for commitments related to nuclear inspections and navigation safety.
The U.S. government's decision to restore sanctions indicates a shift back to a stricter sanctions policy in response to the recent maritime incidents. The future of negotiations between Washington and Tehran remains uncertain, as does the possibility of further economic penalties.