The Trump administration has reimposed sanctions on Iranian oil exports after attacks on oil tankers in the Strait of Hormuz, a sign that a peace deal reached last month between Washington and Tehran remains fragile.
The U.S. Treasury Department revoked a license in June to sell Iranian oil, ordering companies involved in the deals to close their deals by July 17. The proceeds from the deals were required to be deposited in escrow accounts in the United States.
A U.S. official said the move was in response to what he called Iran’s “unacceptable actions” in the Strait of Hormuz. He added that the two countries’ agreement was based on the premise that Iran could benefit only if it demonstrated good behavior, while talks to reach a lasting agreement were still ongoing.
Meanwhile, the Joint Maritime Information Centre (JMIC) has raised the threat level for the Strait of Hormuz to “very high” after recent attacks on oil tankers. The UK Maritime Trade Operations Centre (UKMTO) also said three ships had been attacked in the strait, two of which were hit by unidentified missiles and one by a drone.
US Treasury Secretary Scott Bessent said last week that China remains the largest buyer of Iranian oil, but other markets are reluctant to buy, fearing a reimposition of US sanctions. He said this is putting more pressure on Iran to continue talks between the two countries.
