The Trump administration has revoked Iran's license to sell oil, citing "wholly unacceptable" attacks in the Strait of Hormuz. The move came after Tehran fired missiles at three ships in the vicinity of the strait over a 24-hour period, according to a U.S. official.
The Office of Foreign Assets Control is rescinding GL X, which previously authorized the sale of Iranian oil. An official stated that the "MOU in effect with Iran is entirely performance-based" and that Iran would only benefit from good behavior.
"Iran's actions in the Strait were wholly unacceptable to the United States and will be met with consequences," the official added. Despite the escalation, U.S. negotiators reportedly continue to engage in good faith efforts toward a final deal.