US Revokes Iran Oil Sanctions Waiver After Tanker Attacks in Strait of Hormuz

The US Treasury Department revoked General License X, the sanctions waiver that had allowed limited Iranian oil sales under the June ceasefire memorandum of understanding, on Tuesday, July 7, 2026, replacing it with a narrower General License X1. The move came after US officials said Iran's Revolutionary Guard struck at least three tankers in the Strait of Hormuz that same day, including a Qatari flagged LNG carrier named Al Rekayat and a Saudi flagged supertanker named Wedyan. Washington called Iran's actions in the strait wholly unacceptable. The change could further restrict Iranian oil exports that had briefly been permitted under the temporary waiver.