U.S. Revokes Authorization for Iranian Oil Sales Following Attacks

The U.S. Treasury Department revoked its authorization of Iranian oil sales on July 7, 2026, following a series of attacks on tankers in the Strait of Hormuz. A U.S. official stated, "Iran will only reap benefits if they exhibit good behavior," emphasizing that Iran's actions in the Strait were unacceptable and would result in consequences. The Joint Maritime Information Center, a U.S.-led naval group, raised the threat level to "severe" after attacks on a liquefied natural gas tanker, an oil supertanker, and another unspecified tanker. The center warned mariners of the likelihood of hostile actions by Iran. Although Iran had previously promised safe passage for commercial ships through Hormuz under an interim deal with the U.S., it has insisted that vessels must use a northern route under its control. The U.S. Navy has established a southern route along Oman's coast for Gulf states to export oil and gas, as ships are avoiding the traditional route through the middle of Hormuz due to Iranian mining. Iran has attacked vessels using the U.S. Navy protected route, undermining the interim agreement. The U.S. conducted airstrikes against Iran on June 26 after an attack on a cargo ship.