The US administration increased pressure on Tehran by removing the regulation that provided a temporary waiver on Iran oil sanctions. The move came after tension in the Strait of Hormuz, one of the world's most critical oil transit routes.
The Office of Foreign Assets Control (OFAC) of the US Treasury Department announced on Tuesday that it revoked the 60-day general license issued on June 21. According to the decision, no new transactions related to Iranian oil will be allowed as of July 7. The revoked license had permitted the production, supply, and sale of Iranian crude oil, petrochemicals, and petroleum products. This permission was previously granted after a temporary peace agreement and had been extended until August 21.
Security crisis in the Strait of Hormuz
The US decision coincided with renewed security tensions in the region. The United Kingdom Maritime Trade Operations (UKMTO) reported that three oil tankers passing through the Strait of Hormuz were targeted in the last 24 hours. While it was reported that the tankers sustained minor damage, the nationalities of the vessels were not disclosed. Meanwhile, the US-based news site Axios claimed that the Iranian military attacked two commercial ships transiting the strait, causing serious damage.
War and diplomatic background
The Strait of Hormuz has been the scene of frequent security tensions since the war launched by the US and Israel against Iran on February 28. The two sides signed a memorandum of understanding on June 18, mediated by Pakistan and Qatar. However, the tough negotiations to reach a final agreement are being interrupted by events that threaten stability in the region. Washington's termination of the sanctions waiver is seen as a step that could further deepen the diplomatic deadlock and regional tension.
