US revokes Iran oil waiver after Hormuz tanker attacks

The United States revoked a crucial oil sanctions waiver for Iran on Tuesday following a series of attacks on three tankers in the Strait of Hormuz. A US official declared Iran's actions "wholly unacceptable" and warned of consequences, emphasizing that any benefits from the US-Iran memorandum of understanding were contingent on Tehran's "good behavior."

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Iran's actions in the Strait were wholly unacceptable to the United States and will be met with consequences.

Despite the escalating tensions, the official stated that US negotiators were still working "in good faith towards a final deal." The attacks, which involved an "unknown projectile" hitting one tanker and two others being struck, occurred near Oman. Qatar identified one of the damaged vessels as its LNG tanker Al-Rekayyat and blamed Iran, lodging a formal complaint and demanding an explanation.

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The US-Iran memorandum of understanding was entirely performance-based, warning that Tehran would see benefits only if it showed "good behaviour."

Iran, however, expressed "dismay" over Qatar's accusations, calling them "unacceptable." The incidents revived concerns over freedom of navigation in the vital waterway, especially after Iran had previously lifted its blockade following a fragile ceasefire with the US. Oil prices surged over two percent amid renewed worries about global energy supplies and the durability of the US-Iran agreement.

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We hold Iran fully legally responsible for this attack and for any resulting damages or repercussions.

Security experts interpret the attacks as a clear signal from Iran that it will not accept alternatives to its proposed toll or fee system for ships transiting the Strait. The incidents are seen as a "clear violation" of the ceasefire agreement and international law, potentially punishing tankers that attempt to use alternative routes without Iran's registration.

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Iran is sending a clear signal that no alternative will be accepted.