The United States revoked its authorization for Iran to sell oil after multiple tankers were attacked in the Strait of Hormuz on Tuesday, said a U.S. official.
The official told The Epoch Times on Tuesday that the U.S. Treasury Department's Office of Foreign Assets Control, the financial enforcement and sanctions arm of the agency, is revoking a license that allowed Tehran to produce, sell, and deliver oil under a memorandum of understanding (MOU) that was signed by Iran and the United States in mid-June to end hostilities.
“The Office of Foreign Assets Control is revoking GL X, which authorized the sale of Iranian oil. As President [Donald] Trump and the administration have repeatedly affirmed, the MOU in effect with Iran is entirely performance-based," the official stated.
The Iranian regime will benefit from the memorandum if it exercises "good behavior," and recent attacks in the strait have to be met with a U.S. response, the official said.
Negotiations between Washington and Tehran are still ongoing, according to the official. Iran has not publicly responded to the U.S. decision to suspend the authorization through state-run media outlets or social media.