The United States has revoked a temporary measure that allowed for the trading of Iranian oil. This decision comes in response to recent attacks on three tankers near the Strait of Hormuz, increasing pressure on ongoing negotiations between the U.S. and Iran.
According to reports from Reuters and other news outlets, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) canceled the temporary general license that permitted the production, delivery, and sale of Iranian oil and petroleum products on July 7. Existing transactions will be allowed to conclude by July 17.
This license was issued after the U.S. and Iran signed a memorandum of understanding (MOU), aimed at incentivizing Iran to remain engaged in negotiations during a 60-day period for final agreement discussions. However, the license's effectiveness has been effectively halted just over two weeks after its issuance.
The U.S. decision aligns with recent attacks on vessels in the Strait of Hormuz. U.S. officials stated that initial investigations identified Iran as the perpetrator. One official remarked, "We cannot tolerate Iran's actions and they will face consequences."
The revocation of the waiver poses challenges for subsequent negotiations. The allowance for oil trading was a crucial lifeline for Iran, which has been under significant economic pressure. With the U.S. reversing this policy, Iran may respond by questioning the trustworthiness of the negotiations.
Despite a recent military confrontation over the Strait of Hormuz, both sides have continued indirect talks in Doha, Qatar. However, this latest action has destabilized discussions surrounding nuclear issues, sanctions relief, and navigation through the Strait.
The U.S. maintains that sanctions relief is contingent upon Iran ensuring safety in the Strait. Conversely, if Iran retaliates, the focus of the 60-day negotiations may shift from reaching a final agreement to managing conflict.
* This article has been translated by AI.
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