The U.S. Treasury Department announced that it has cancelled the sanctions exemption covering the production, transport, and sale of Iranian crude oil, oil products, and petrochemicals. It has replaced the previous general license with a new one for a wind‑down period that takes effect today.
The move follows incidents involving commercial vessels in the Strait of Hormuz and effectively nullifies the exemptions granted to Iran on June 21 under the recent agreement.
An American official said that Iran’s actions in the Hormuz Strait are not in line with U.S. expectations and will have consequences.