The Trump administration on Tuesday reimposed sanctions on Iranian oil and petrochemical sales after Tehran reportedly attacked three vessels near the Strait of Hormuz.
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The Treasury Department revoked a sanctions waiver issued June 21 that had temporarily allowed transactions involving Iranian crude oil, petroleum products and petrochemicals. Companies have until July 17 to wind down transactions previously authorized under the waiver, which had been set to remain in effect through August 21.
The waiver was issued as part of a ceasefire memorandum of understanding reached between the United States and Iran after months of conflict.
A U.S. official said the agreement was contingent on Iran’s conduct and that Tehran’s reported attacks near the Strait of Hormuz violated the terms of the understanding, prompting the administration to restore sanctions.
Despite the decision, the official said negotiations toward a broader agreement with Iran are continuing.
The Treasury Department’s updated license bars new purchases, loading or sales of Iranian oil or petrochemical products after July 7. Limited wind-down activities are permitted through July 17. Transactions involving other sanctioned jurisdictions or activities prohibited under separate U.S. sanctions authorities remain barred.
President Donald Trump told reporters Monday that the administration was making progress toward an agreement with Iran but said the U.S. military remained prepared to act if diplomacy failed.
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.@POTUS: “Oil is is now at a level that, I think it’s even lower, on a barrel basis, than it was before we started. We’ve gotten concessions, and they have to hold those concessions, but there’ll be no nuclear weapon. We’re going to be getting the, as I call it, dust; the… pic.twitter.com/4t9GWOqy5S
— Rapid Response 47 (@RapidResponse47) July 6, 2026
“We’re either going to make a deal or we’re going to finish the job,” Trump said. “And it won’t be tough to finish the job.”
Trump said he preferred a diplomatic resolution.
“I’d rather make a deal because I don’t want to affect 91 million people,” he said. “We can knock down their bridges in one hour. We can knock out their energy supply.”
Tehran accused the United States of violating the ceasefire memorandum after Washington restored the sanctions and later carried out military strikes. Iran’s Foreign Ministry said the country would take “decisive measures” to protect its national interests and security.
Earlier Tuesday, U.S. forces carried out what the military described as “powerful strikes” against Iran after Tehran allegedly attacked three commercial ships traveling through the Strait of Hormuz.
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U.S. Central Command said the attacks violated the ceasefire agreement.
