The Trump administration announced on July 7, 2026, that it has revoked a sanctions waiver permitting the sale of Iranian oil and petrochemicals. This decision follows reports that Iran struck three ships near the Strait of Hormuz, a critical waterway for global oil shipments.
According to a new document from the U.S. Treasury Department, all transactions authorized under the previous sanctions waiver must be wound down by July 17. The earlier waiver had allowed Iranian oil sales through August as part of a ceasefire memorandum of understanding between the U.S. and Iran after months of conflict.
Iran holds some of the world's largest proven oil reserves, but sanctions have historically restricted its export capacity. The closure of the Hormuz Strait during hostilities contributed to rising global oil and gas prices. Although prices had decreased amid the U.S.-Iran agreement, the future of that accord now remains uncertain.
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