Iran live updates: US carrying out ‘powerful’ airstrikes after earlier Iranian attacks in Strait of Hormuz, CENTCOM says

The recent decision by the U.S. to revoke a license allowing the sale of Iranian oil has caused a stir in the international community. This move, a key aspect of the memorandum of understanding signed between the U.S. and Iran just last month, comes in response to escalating tensions in the Strait of Hormuz.

According to a U.S. official, the Office of Foreign Assets Control has revoked the license that authorized the sale of Iranian oil, citing Iran’s recent actions in the region as “wholly unacceptable.” The official emphasized that the MOU with Iran is performance-based, and Iran will only benefit if they demonstrate good behavior.

The decision to revoke the license follows a series of attacks on commercial ships in the Strait of Hormuz. Reports confirm that Iran fired missiles at vessels in the area, prompting the U.S. to take action. The Treasury Department has announced the immediate revocation of the license, with a wind-down period in place until July 17 for previously authorized transactions.

This revocation marks a significant departure from the terms outlined in the MOU, which had come into effect on June 18. The MOU had initially allowed for the export of Iranian crude oil, but the recent escalation of tensions has led to a reversal of this agreement.

Despite this setback, U.S. officials have indicated that peace talks with Iran are still ongoing, with negotiators working towards a final deal in good faith. The decision to revoke the license is seen as a response to Iran’s aggressive actions in the region, but efforts to find a diplomatic solution continue.

The news of the license revocation was first reported by Reuters, highlighting the significance of this development in the ongoing tensions between the U.S. and Iran. As the situation continues to evolve, both countries will need to navigate carefully to prevent further escalation and find a path towards peace.