Commercial vessels and oil tankers preparing to transit through the Strait of Hormuz, one of the most critical strategic waterways for global trade flows, maintain their wait in the Gulf of Oman, on June 17, 2026.
Shady Alassar | Anadolu | Getty Images
The U.S. Treasury Department will revoke its authorization of Iranian oil sales after a series of attacks on tankers in the Strait of Hormuz
A U.S. official told CNBC Tuesday the Office of Foreign Assets Control is revoking the license that allowed the production, delivery, and sale of Iranian oil through August 21
“As President Trump and the administration have repeatedly affirmed, the MOU in effect with Iran is entirely performance-based,” the official said
“Iran will only reap benefits if they exhibit good behavior,” they said. “Iran’s actions in the Strait were wholly unacceptable to the United States and will be met with consequences.”
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