U.S. Ends Iran Sanctions Waiver After Hormuz Attacks


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- The U.S. Treasury announced Tuesday (7/7) it has 
cancelled its temporary sanctions waiver on Iranian oil, following attacks by 
Tehran on commercial vessels in the Strait of Hormuz that the Trump 
administration said reneged on the ceasefire agreement between the two 
countries.

   In a posting on its website, the Treasury's Office of Foreign Assets Control 
(OFAC) said it has revoked General License X -- which permitted the production, 
delivery and sale of Iranian-origin crude oil, petrochemical products, and 
petroleum products.

   The license was issued on June 22 for a period of 60 days. Prior to that, 
the Treasury imposed a sweeping ban on exports and sales of Iranian energy 
products.

   The reversal of sanctions came after reports of a second attack within a 
week by Iran on a laden tanker in the Hormuz. Tehran has said that all 
commercial vessels navigating the chokepoint must follow routes it had approved 
and not take alternative pathways to the Persian Gulf, warning attacks on those 
that breached its policy.




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