US Reinstates Sanctions on Iranian Oil After Tanker Attacks

The United States has reinstated sanctions on Iranian oil trade in response to recent attacks on tankers in the Strait of Hormuz. On Tuesday, the US State Department announced the revocation of a license issued just over two weeks ago that had temporarily allowed transactions involving Iranian crude oil, petroleum products, and petrochemicals.

All transactions covered by the license must be completed by July 17. After that, purchasing Iranian oil or loading it onto ships will again be prohibited. The Trump administration had previously lifted sanctions on Iranian oil for a 60-day period under a temporary agreement signed in June aimed at ending the war and reopening the Strait of Hormuz. That sanctions relief was set to last until August 21.

The sanctions were reinstated shortly after Qatar accused Iran of attacking its liquefied natural gas tanker "al-Rekayyat" in the Strait of Hormuz, stating that Tehran threatens international shipping and global energy supplies.

The UK Maritime Trade Operations (UKMTO) reported that three tankers were hit by projectiles in the Strait of Hormuz on Tuesday. One tanker sailing off the coast of Oman caught fire after being struck. Iranian state television reported that the vessel had ignored Iranian warnings not to use routes outside the corridor designated by Iran near its coastline. However, Iran did not directly claim responsibility. The other two tankers sustained damage, but no injuries were reported, and both continued their voyages.