The Trump administration revoked a sanctions waiver on Tuesday, which had previously allowed the sale of Iranian oil and petrochemicals. This decision followed reports of Iran striking three ships near the Strait of Hormuz, a crucial oil shipping route.
A new document from the Treasury Department states that authorized transactions under the prior waiver must wind down by July 17. The initial waiver would have permitted sales of Iranian oil until August 21.
The original waiver was part of a ceasefire memorandum of understanding (MOU) between the U.S. and Iran after months of hostilities. A U.S. official mentioned that the MOU is performance-based, meaning Iran must demonstrate good behavior to benefit from it. Due to Iran’s actions, sanctions have been reimposed.
The official noted that negotiations are ongoing to reach a final agreement.
Essential Reads:
- The U.S. military has launched strikes against Iran after Tehran attacked at least three vessels in the Strait of Hormuz, according to U.S. Central Command.
- The administration is considering allowing space launches off U.S. coasts, as per a recent notice.
- Katherine Scarlett, a top environmental policy adviser, has left the Trump White House.
What We’re Reading:
- U.S. oil executives seek Trump’s help against Europe’s climate rules (Politico).
- New Jersey passes three bills to lower electricity costs (New Jersey Monitor).
Current Headlines:
- Senator Mitch McConnell spoke with Republican leaders amid speculation over his Senate return.
- The White House addresses concerns over President Trump’s advocacy for U.S. soccer player Folarin Balogun.
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