U.S. rescinds waiver permitting Iranian oil sales after Iranian attacks on tankers
Summary
The Trump administration ended a waiver that allowed Iran to sell oil after Iran attacked three tankers in the Strait of Hormuz. The new rules stop any new oil sales immediately but allow a short grace period for transactions already underway, with the money frozen in special accounts.Key Facts
- The original waiver, called "General License X," allowed some Iranian oil sales despite U.S. sanctions.
- The waiver was part of a 60-day peace deal between the U.S. and Iran signed on June 18.
- Iran attacked three commercial tankers, violating the peace deal’s ceasefire.
- The U.S. replaced the original waiver with "General License X1," stopping new Iranian oil sales after the change.
- Ongoing transactions are allowed until July 17, with funds held in blocked accounts.
- The U.S. military struck targets inside Iran in response to the tanker attacks.
- Oil prices rose after the waiver was revoked, with Brent Crude hitting $75 a barrel.
- China and India were major buyers of Iranian oil under the original waiver.
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