US Revokes License for Iranian Oil Sales After Escalation in the Strait of Hormuz
The US Department of the Treasury has revoked a 60-day license that permitted the extraction, transportation, sale, and import of Iranian oil, petroleum products, and petrochemical industry products, Axios reports .

Existing deals can be completed by July 17, but new ones are prohibited from being concluded since July 7.
This decision was taken after attacks on three tankers in the Strait of Hormuz, among them a Qatari gas tanker and a Saudi oil tanker.
A US official stated that the Office of Foreign Assets Control (OFAC) revoked the general license that permitted the sale of Iranian oil. According to him, Iran will only receive economic benefits if it complies with the agreements reached. Washington also stated that Iran's actions in the Strait of Hormuz are considered unacceptable and will have consequences.
The Iranian Ministry of Foreign Affairs, in turn, stated that the country faithfully fulfills its obligations under the memorandum on measures to ensure security in the strait. Tehran also called upon regional states and shipping companies to refrain from actions that contradict the terms of this memorandum.
An Iranian Foreign Ministry spokesman stated that commercial vessels using routes not agreed upon with Tehran or interfering with tracking systems put themselves at risk and impede safe navigation through the strait.
Negotiations between the US and Iran to conclude a final agreement are ongoing, but a new escalation of the situation could jeopardize them.
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