#USRevokesIranOilWaiver

The U.S. government revoked a general license that temporarily allowed certain Iranian oil sales, replacing it with a liquidation license that permits only previously authorized operations until July 17. No new purchases or shipments are permitted during this liquidation period.
**Market Reaction:**
- Both WTI and Brent crude oil prices rose more than 5% during the day on concerns about a contraction in Iranian oil supply and escalating regional tensions. Brent climbed above $76 per barrel, while WTI also made significant gains.
- The decision came after Washington attributed attacks on three commercial tankers in or near the Strait of Hormuz to Iran. Iran rejected the U.S. narrative.
- The U.S. Central Command (CENTCOM) launched new strikes against Iranian military targets on the same day, signaling a significant escalation in the conflict.
- Iranian officials condemned the revocation of the exemption as a violation of the memorandum of understanding reached in June and stated that Iran would take measures to defend its national interests.
The US administration described the memorandum of understanding with Iran as "entirely performance-based," stating that "Iran will only benefit if it behaves well" and that "Iran's actions in the Strait are completely unacceptable to the United States and will be met with consequences."