U.S. revokes Iran oil waivers after Iranian attacks in Strait of Hormuz

According to Axios, the Trump administration has revoked the temporary waivers that allowed Iran to sell oil, the Treasury Department announced Tuesday. The move comes less than three weeks after those waivers were issued as part of a performance-based memorandum of understanding with Tehran. Axios reports the reversal is a direct response to renewed Iranian attacks on ships in the Strait of Hormuz over the past twenty-four hours. A U.S. official said the Office of Foreign Assets Control is pulling the general license that authorized the oil sales, adding that Iran will, quote, only reap benefits if they exhibit good behavior, and that its actions in the Strait were wholly unacceptable and would be met with consequences. The official said negotiators are still working toward a final deal.

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