U.S. Revokes Sanctions Waiver on Iranian Oil

The Trump administration has revoked a sanctions waiver that previously allowed the sale of Iranian oil and petrochemicals. This decision follows Iran’s alleged attacks on three ships near the Strait of Hormuz, a crucial oil shipping route.

The Treasury Department’s document states that transactions authorized under the earlier sanctions waiver need to conclude by July 17. Initially, the waiver permitted sales of Iranian oil until August 21. This waiver was part of a ceasefire memorandum between the U.S. and Iran after extended conflict.

A U.S. official informed The Hill that this memorandum is “performance-based,” meaning Iran’s benefits depend on its behavior. The official described Tehran’s actions as unacceptable, leading to the reinstatement of sanctions. However, negotiations for a final agreement are ongoing.

In related developments, U.S. Central Command announced on social media that the military has begun a series of strikes against Iranian targets following Iran’s attack on commercial vessels in the Strait of Hormuz. Additionally, the Trump administration is considering space launches and re-entries off U.S. coasts, as per a notice released Tuesday.

Katherine Scarlett, a senior environmental policy adviser in the Trump White House, has stepped down, an official confirmed to The Hill.

For broader context, U.S. oil executives are seeking Trump’s support to challenge Europe’s climate regulations, according to Politico. Meanwhile, New Jersey has introduced three bills aimed at reducing electricity costs, reported by the New Jersey Monitor.

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