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A US Treasury Department official confirmed that Washington has revoked a temporary sanctions waiver for Iranian oil, announced in June, after three tankers were struck in the Strait of Hormuz. The official spoke on condition of anonymity and stated that Iran's actions were 'wholly unacceptable to the United States and will be met with consequences'. This move comes as negotiations between Washington and Tehran over ending the Middle East war continue.
The attacks, which ended more than a week of relative calm, revived concerns over freedom of navigation after Iran lifted its blockade of the vital waterway following a fragile ceasefire with the United States. Oil prices rose by more than two percent as the renewed attacks reignited worries over global energy supplies and cast doubt on the durability of the US-Iran agreement.
The three tankers were struck close to Oman, which had proposed a temporary transit corridor hugging its coastline — an initiative opposed by Iran as it seeks to impose fees on ships using the narrow waterway. Qatar said one of the vessels was its LNG tanker Al-Rekayyat and blamed Iran, denouncing an 'unacceptable' attack on international maritime navigation. Doha later summoned Iran's deputy ambassador to lodge a complaint, demanding an explanation and urging Tehran to 'immediately cease any practices undermining regional security'.
The attacks have also revived concerns over the safety of oil shipping through the Strait of Hormuz, which is a critical chokepoint for global oil supplies. According to the International Maritime Organization, over 20% of the world's oil and natural gas shipments pass through the Strait. The region has seen increased tensions in recent years, with multiple attacks on oil tankers and shipping vessels.
The US-Iran memorandum of understanding, signed last month, calls for talks between Iran and Oman to define the future administration and maritime services in the waterway with other Gulf states. Qatar had previously refused to mediate under Iranian fire as Tehran launched an unprecedented aerial bombardment against Gulf states in retaliation for the US-Israeli strikes. However, Doha has since taken a more active role, hosting indirect talks between Iran and the United States last week.
Iran's actions in the region have been met with widespread condemnation, with many countries expressing concerns over the safety of oil shipping through the Strait of Hormuz.
The attacks have also had a significant impact on global oil markets, with prices rising by more than two percent in response to the renewed tensions. The US Energy Information Administration reported that global oil inventories have been decreasing in recent months, and the attacks have added to concerns over supply disruptions.
The full implications of the US revocation of the Iranian oil waiver remain to be seen. However, it is clear that the region remains a hotspot for tensions, with multiple countries competing for influence and control.
Qatar's foreign ministry spokesman Majed Al Ansari wrote on X, 'We hold Iran fully legally responsible for this attack and for any resulting damages or repercussions.' Iran voiced 'dismay' over Qatar's accusations in a statement carried by state news agency IRNA.
A security expert at King's College London, Andreas Krieg, stated, 'We are now in a sensitive period where potential alternatives to an Iranian toll or fee system are being explored. Iran is sending a clear signal that no alternative will be accepted.'
The US-Iran memorandum of understanding is 'entirely performance-based,' meaning Iran will only benefit from the agreement if it shows 'good behavior'.