Trump administration reinstates sanctions on Iran's oil sales after attacks in Strait of Hormuz

The Trump administration revoked a general license that allowed Iran to sell its oil after the country attacked several tankers transiting the Strait of Hormuz. 

The interim peace agreement allowing for negotiations between the U.S. and Iran toward a longer-term peace deal had directed the U.S. to ease sanctions. The Trump administration issued a waiver last month in compliance with the agreement, Politico reported. That license was to last at least until Aug. 21. 

On Tuesday, Treasury’s Office of Foreign Assets Control issued a new license revoking the waiver and requiring companies to start the process to end oil transactions with Iran by July 17. An official said in a statement that the attacks in the Strait of Hormuz were "wholly unacceptable to the United States."

“As President Trump and the administration have repeatedly affirmed, the MOU [memorandum of understanding] in effect with Iran is entirely performance-based. Iran will only reap benefits if they exhibit good behavior," the official said.