U.S. Revokes Waiver for Iranian Oil Transactions

The United States has revoked a sanctions waiver that had briefly allowed limited transactions involving Iranian crude oil and petroleum products, tightening pressure on Tehran after a new round of attacks near the Strait of Hormuz.

The change was announced by the Treasury Department’s Office of Foreign Assets Control, which said companies have until July 17 to complete and wind down transactions that were already in progress. According to the notice, General License X, issued on June 21, was revoked and replaced by General License X1, effective July 7.

The new license does not allow any new purchases, shipments or sales of Iranian crude oil, petroleum products or petrochemical products. It only permits companies to close out business that had previously been authorized under the earlier waiver.

The move came after fresh violence in one of the world’s most important shipping corridors. A tanker attack was reported off the coast of Oman on Monday, according to Ship & Bunker, adding to a series of incidents around the Strait of Hormuz. On Tuesday, U.S. forces then carried out strikes against Iran.

U.S. Central Command said in a social media post that American forces struck Iranian air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities and more than 60 small boats operated by Iran’s Islamic Revolutionary Guard Corps in and near the strait. The stated aim, Central Command said, was to reduce Iran’s ability to continue attacking international commerce moving through the waterway.

Central Command also said Iran had recently attacked three commercial vessels transiting the strait: the Marshall Islands-flagged M/T Al Rekayyat, the Saudi Arabia-flagged M/T Wedyan and the Liberian-flagged M/T Cyprus Prosperity.

The Strait of Hormuz is a narrow passage between the Persian Gulf and the Gulf of Oman and remains one of the most sensitive chokepoints in global energy trade. Any disruption there can quickly affect tanker traffic, freight rates and marine insurance costs, even beyond oil markets.

That matters for industries far from the conflict zone, including beverage importers and distributors. If sanctions tighten and maritime risk remains elevated in or around Hormuz, shipping costs could rise for goods moving through connected trade routes. For wine, spirits and other beverages that depend on long-distance ocean transport, higher freight and insurance bills could eventually feed into import costs.

The Treasury notice did not indicate how much trade had taken place under the short-lived waiver before it was withdrawn. But by replacing it with a narrower authorization limited to winding down existing deals, Washington signaled that it is closing off even temporary flexibility in Iranian oil trade as security conditions worsen.

The decision adds another layer of uncertainty for shipping companies, commodity traders and insurers already watching military developments in the region. It also reinforces how quickly U.S. sanctions policy can shift when attacks on commercial vessels intersect with broader security concerns in a major trade corridor.