US Revokes Temporary Waiver on Iranian Oil: Potential Impact on Energy Markets

The US Department of the Treasury has revoked the temporary trade license granted to Iranian oil products on June 21. This decision is seen as a response to Iran's recent attacks on ships in the Strait of Hormuz. The general license allowing the sale of Iranian oil has been revoked as of July 7, with existing transactions allowed to be completed by July 17. A US official stated, 'Iran will only benefit if it behaves well. Iran's actions in the Strait are completely unacceptable to the US and will have consequences.' The revocation of the waiver on Iranian oil is expected to cause fluctuations in energy markets. Oil prices may rise, and uncertainty in energy markets is likely to increase.