U.S. revokes Iran oil sales authorization after tanker attacks

The Office of Foreign Assets Control is revoking the license that allowed the production, delivery, and sale of Iranian oil through August 21, a U.S. official told CNBC Tuesday.

The Trump administration waived U.S. sanctions on Iranian oil under the interim deal to reopen Hormuz. But Iran has launched a series of attacks on tankers transiting the strait this week, despite promising safe passages to commercial ships under the deal.

“As President Trump and the administration have repeatedly affirmed, the MOU in effect with Iran is entirely performance-based,” the U.S. official said.

“Iran will only reap benefits if they exhibit good behavior,” the official said. “Iran’s actions in the Strait were wholly unacceptable to the United States and will be met with consequences.”