Iran war
US reinstates Iranian oil sanctions
Updated July 7, 2026 – 10:03 p.mReading time: 2 minutes
Only around two weeks ago, the USA relaxed sanctions on Iranian oil as part of the framework agreement. Now there is a turnaround.
The USA have reinstated the previously relaxed sanctions on Iranian oil. The US Treasury Department announced that an exemption granted a good two weeks ago will be revoked. New transactions with crude oil, petrochemicals and petroleum products of Iranian origin are once again prohibited.
A US government official said the exemption was being revoked because the framework agreement with the Iran based on his behavior. Iran will only benefit from economic relief if it meets its obligations. Tehran’s behavior in the Strait of Hormuz is “completely unacceptable” for the USA.
The oil markets reacted immediately. A barrel (159 liters) of the reference Brent variety for delivery in August recently rose by 5.63 percent to 76.04 US dollars to.
Attacks on tankers in the Strait of Hormuz
Recently, several tankers were attacked in the Strait of Hormuz. Tehran initially did not officially comment on the allegations or claim responsibility. However, Iran has repeatedly stated in recent days that only the route it has specified through the Strait of Hormuz is safe.
Business that has already begun and has been previously approved may only be completed until July 17th. According to the ministry, new purchases or loading of ships with Iranian oil are no longer permitted.
Sanctions were eased as part of the framework agreement
The original exemption was granted on June 21st after discussions between Washington and Tehran. This temporarily suspended US bans on the production, supply and sale of Iranian crude oil and other petroleum products. This initially applied until August 21st. The easing was part of a preliminary agreement with which both sides wanted to enable negotiations on a permanent agreement.
With the new approval, Washington is increasing economic pressure on Tehran. The Strait of Hormuz is extremely important for the oil trade. Because it was virtually impossible for tankers to pass through during the war, prices around the world shot up. With the exemption, the USA had temporarily calmed the energy markets.
