Key facts
- Iran's oil exports are continuing despite the U.S. revoking a sanctions waiver.
- The U.S. cited alleged Iranian attacks on commercial vessels in the Strait of Hormuz for revoking the waiver.
- The U.S. launched military strikes against Iran following the tanker attacks.
- Iran's oil ministry stated it has a framework to neutralize the impact of sanctions.
- The revoked waiver was part of a broader understanding between Washington and Tehran, temporarily allowing oil exports until August 21.
Iran's oil exports are continuing despite the United States revoking a temporary sanctions waiver that had allowed the purchase of Iranian oil. Oil minister Mohsen Paknejad stated that the country's oil ministry has maintained a framework to neutralize the impact of Washington's sanctions for years, indicating that exports would face no issues.
The U.S. revoked the waiver, which was set to expire on August 21, following alleged Iranian attacks on commercial vessels in the Strait of Hormuz. In response to these attacks, the United States launched military strikes against Iran, with U.S. Central Command forces initiating a series of strikes to impose costs for targeting commercial shipping.
The U.S. administration stated that the Memorandum of Understanding (MOU) with Iran is performance-based and that Iran's actions in the Strait of Hormuz were unacceptable. Iran's Ministry of Foreign Affairs condemned the U.S. decision as a "clear violation" of the MOU signed on June 18, calling it a breach of promise and reflecting Washington's "malicious intentions, instability and unreliability."
Brent crude futures gained more than 2 percent, or $1.92, to settle at $76.08 per barrel following the U.S. airstrikes. Iran claims it is selling oil at a 20% premium.