U.S. revokes general license for Iranian oil sales amid rising tensions in Strait of Hormuz

The U.S. Treasury Department said Tuesday it is revoking a general license that authorized the sale of Iranian oil after three tankers were reported to have come under attack in and near the crucial Strait of Hormuz.

The revocation raised concerns that it could affect ongoing diplomatic efforts by U.S. President Donald Trump's administration to engage in negotiations with Iran to reopen the waterway, wind down the Islamic Republic's nuclear program and end the Middle East war.

On June 21, the department's Office of Foreign Assets Control issued a temporary 60-day general license authorizing the production, delivery and sale of Iranian oil, as Washington and Tehran signed a preliminary peace agreement aimed at ending their war.

According to the United Kingdom Maritime Trade Operations Centre, a British entity, there were reports of three tankers struck by unidentified projectiles in the Strait of Hormuz or in an area east of Limah, Oman.

Korea and other countries have been carefully watching developments in the strait, a key shipping route for oil, natural gas, fertilizer and other commodities, as they rely heavily on the waterway for their energy imports.

Yonhap