US pulls Iran oil waiver after tanker strikes

The U.S. Treasury Department on July 7, 2026, revoked a temporary general license that had allowed Iranian oil sales under a memorandum of understanding between Washington and Tehran. The authorization, issued last month for roughly 60 days and cited as running through August 21, had permitted imports of Iranian crude and related products and payments in dollars. The Office of Foreign Assets Control withdrew that waiver after a series of strikes on commercial vessels in or near the Strait of Hormuz. U.S. officials framed the decision as a response to behavior that breached the understanding underpinning the license.

A U.S. official said Iran’s actions in the Strait of Hormuz were “wholly unacceptable” and warned they “will be met with consequences.” The same official stressed that the waivers linked to the memorandum of understanding were performance-based. While negotiators were described as continuing their work, the official signaled that any benefits for Iran would depend on its conduct. The revocation closes a recently opened channel for Iranian oil exports that had been tied to efforts to keep the strait open to commercial traffic.

On the day the waiver was revoked, British military sources and maritime monitoring organizations reported that three tankers were struck by projectiles in or near the Strait of Hormuz. U.S. and maritime sources said the incidents occurred in Oman’s territorial waters close to the waterway. The Joint Maritime Information Center raised its assessment of the threat to ships transiting the area to “severe.” One vessel off the coast of Oman was reported to have caught fire after being hit.

Among the damaged ships was a Qatari-flagged liquefied natural gas carrier identified as Al Rekayyat, which was reported hit near Limah, Oman. The United Kingdom Maritime Trade Operations center said the crew issued a mayday stating they were “being hit by a drone top of port side near engine room.” Another affected vessel was the Saudi crude tanker Wedyan, which Saudi officials said was also struck. Timelines from maritime alerts indicated at least one impact on the port side of a vessel that triggered a fire.

Qatar condemned the strike on the Al Rekayyat and stated it holds Iran legally responsible for the incident. The projectile attacks and resulting damage underscored the vulnerability of shipping in the narrow and strategically important corridor. The involvement of both Qatari LNG and Saudi crude carriers highlighted the potential implications for regional exporters. The incidents added to concerns about safety of crews and continuity of energy flows through the passage.

Energy markets reacted to the combination of tanker strikes and the U.S. decision to revoke the Iranian oil sales authorization. Oil benchmark prices rose on Tuesday amid expectations of heightened supply risk and potential further disruption. The move effectively removes incremental Iranian barrels that had been temporarily authorized under the earlier memorandum of understanding. Traders faced a new layer of uncertainty tied both to regional security and to U.S. sanctions policy.

Maritime authorities’ designation of the risk level in the Strait of Hormuz as “severe” underscored the operational challenges for shipowners, charterers, and insurers. Higher perceived danger can lead to route adjustments, increased insurance premiums, and tighter safety protocols for transits. For energy markets, the attacks on a Qatari LNG carrier and a Saudi crude tanker showed that both gas and oil flows could be at risk. The events reinforced the strategic importance of the strait and the sensitivity of prices to security developments there.