US Revokes Waiver for Iranian Oil Sales Following Gulf Strikes
The US Treasury Department has revoked the exemption allowing Iranian crude to be sold in US dollars, leaving over 60 million barrels stranded at sea amid renewed attacks in the Strait of Hormuz.
The United States Treasury Department announced it will no longer permit sales of Iranian crude oil to be conducted in US dollars on global markets. This decision follows reports that multiple tankers carrying Iranian oil were hit by projectiles while attempting to cross the Strait of Hormuz. The Treasury statement explicitly stated it would discontinue the waiver previously issued for these transactions. Consequently, more than 60 million barrels of Iranian crude are currently stranded at sea without clear buyers. These vessels are unable to sell their cargo in dollars because the transaction window has been closed by Washington. The strikes on the tankers were carried out after they attempted passage through a heavily militarized waterway. The situation represents a significant disruption for traders who relied on dollar-settled contracts involving Iranian energy. No specific dates or future targets for the embargo have been mentioned in the official announcement beyond the immediate revocation of the waiver.
