The US Treasury Department rescinded a general license authorizing Iranian oil exports on July 7, just weeks after granting it. The trigger: projectile attacks on three tankers in the Strait of Hormuz, including a reported strike on a Qatari LNG vessel.
The revocation effectively killed a temporary waiver that had been part of an interim memorandum of understanding between Washington and Tehran, signed in June 2026. That deal was supposed to allow limited Iranian oil sales until at least August 21. It barely lasted a month.
US officials called Iran’s actions “wholly unacceptable,” citing fundamental violations of the MOU’s terms. Oil futures responded predictably, surging over 3% immediately after the announcement as traders priced in tighter supply from a corridor that handles roughly 20% of the world’s crude oil flow.
Iran’s Bitcoin toll booth in the Strait of Hormuz
Iran announced back in April 2026 that it would charge tankers $1 per barrel in Bitcoin for safe passage through the Strait of Hormuz.
