Washington, July 7 (dpa/GNA) – The United States is reinstating sanctions on Iran’s oil trade, the Treasury Department said on Tuesday, revoking a waiver granted just over two weeks ago amid renewed tanker attacks in the Strait of Hormuz.
The department’s Office of Foreign Assets Control, said it was revoking the licence that had temporarily allowed transactions, involving Iranian crude oil, petroleum products and petrochemicals. Existing, previously authorized transactions may only be completed until July 17, after which new purchases or the loading of ships with Iranian oil will once again be prohibited.
The Trump administration had waived sanctions on Iranian oil for a 60-day period, under an interim agreement signed with Iran last month to end the war and reopen the Strait of Hormuz, a vital waterway for global oil and gas supplies. The waiver had been due to remain in force until August 21.
The reversal comes shortly after Qatar, accused Iran of attacking the Qatari liquefied natural gas tanker al-Rekayyat in the strait, saying Tehran was endangering international shipping and global energy supplies.
The UK Maritime Trade Operations agency, also reported incidents involving commercial vessels in the Strait of Hormuz on Tuesday.
A US administration official, speaking to reporters on condition of anonymity, said the waiver was being withdrawn because the interim agreement with Iran was conditional on Tehran’s conduct. Iran would benefit from economic relief, only as long as it complied with its obligations under the deal, the official said, describing Tehran’s actions in the Strait of Hormuz as “wholly unacceptable.”
Brent crude futures rose more than 5% following the announcement, with the benchmark contract for August delivery trading at around $76 a barrel.
GNA