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

According to Axios, the Trump administration on Tuesday revoked the temporary waivers that had allowed Iran to sell oil, the Treasury Department announced. Those waivers were part of a memorandum of understanding issued less than three weeks ago. The reversal comes in 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 Iranian oil sales, adding that the agreement is entirely performance-based and that Tehran will only see benefits if it demonstrates good behavior. The official called Iran's actions in the Strait wholly unacceptable, while saying negotiators continue working toward a final deal. This remains a developing story.

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