U.S. rescinds waiver permitting Iranian oil sales after Iranian attacks on tankers
The Trump administration has revoked a waiver that allowed Iranian oil sales, a key source of revenue for the regime, after Iran attacked three tankers in the Strait of Hormuz.
Updated on: July 7, 2026 / 7:04 PM EDT / CBS News
The Treasury Department said that "General License X," which was issued two weeks ago as part of an interim peace deal between the U.S. and Iran and exempted Iranian oil sales from U.S. sanctions, would be superseded by a narrower waiver called "General License X1."
The new license does not authorize any new Iranian oil sales after Tuesday. It allows a grace period until July 17 for transactions already in process and authorized under the previous license, with the money from those sales placed in a "blocked, interest-bearing account." It is unclear how many transactions were already in process.
The U.S. had been required to issue sanctions waivers and allow Iran to export crude oil as part of a 60-day U.S.-Iran memorandum of understanding struck last month. That deal also extended a ceasefire between the two countries — a provision the U.S. accused Iran of violating Tuesday by attacking three commercial vessels.
"As President Trump and the administration have repeatedly affirmed, the MOU in effect with Iran is entirely performance-based," a U.S. official told CBS News in a statement after the oil sanctions waiver was rescinded. "Iran will only reap benefits if they exhibit good behavior. Iran's actions in the Strait were wholly unacceptable to the United States and will be met with consequences. Our negotiators continue to work in good faith towards a final deal."