The US Treasury announced Wednesday it has canceled all prior authorizations for the production, sale, and transfer of Iranian crude and petroleum products, according to a statement. A former Treasury official said the move effectively restores the full oil-and-petrochemical banking sanctions regime against Tehran.
The US Treasury on Wednesday morning canceled all prior authorizations for the production, sale, and transfer of Iranian crude and petroleum products, effectively restoring the full oil-and-petrochemical banking sanctions regime that had been partially suspended since June. The move broadens a specific revocation announced Tuesday evening (22:23 Jerusalem) following tanker attacks in the Strait of Hormuz, as The Zioneer reported.
The initial revocation triggered a swift Iranian response. At 00:25 Jerusalem Wednesday, Iran's Foreign Ministry issued a series of statements: first holding the United States responsible for violating the Islamabad memorandum of understanding, then citing unverified reports of US attacks on Iran, and finally accusing Washington of a 'blatant violation' of Article 10 of the MOU. The attacks remain unconfirmed, and the US has not commented on the accusation.
The cancellation reverses a three-week period of sanctions relief that began June 16, when the US allowed Iran to resume oil exports under a reported understanding (The Zioneer, June 16). Iran's Foreign Minister Araghchi subsequently confirmed the suspension of oil sanctions and the lifting of the naval blockade (June 22). US Treasury Secretary Bessent described the relief as a 'carrot' that could be withdrawn (June 25). The current move restores the full sanctions regime, tightening global oil markets and escalating US-Iran tensions.
What remains open: the reported US attacks on Iran are unverified, and the diplomatic status of the Islamabad MOU is now in question following Iran's accusations.
4 developments
- DevelopingUS energy secretary says Iran oil sanctions have become ineffective
- DevelopingOil exports resume as Iran confirms deal with the United States
- StrongIran: Sanctions on oil exports lifted, enriched uranium will stay in Iran
- DevelopingAraghchi: Sanctions on Iranian oil exports lifted, naval blockade removed
Source and signal
- Internal intake