US revokes Iran’s oil export license amid Strait of Hormuz tensions

The Trump administration revoked temporary oil export waivers previously granted to Iran following renewed attacks against ships in the Strait of Hormuz. The Department of Treasury and the Office of Foreign Assets Control announced the revocation of the general license, stating the MOU with Iran is performance-based. This move may exacerbate geopolitical tensions and disrupt global oil markets, potentially driving up prices due to supply concerns following the sudden cancellation of these specific export authorizations.