Treasury has revoked the temporary license that allowed Iran to produce, ship, and sell crude oil after a series of attacks on commercial vessels in and around the Strait of Hormuz, linking sanctions relief directly to maritime security.

The decision came just 20 days after the June 17 memorandum of understanding between the U.S. and Iran, under which the Treasury issued General License X. The license temporarily authorized the production, delivery, and sale of Iranian crude oil, petroleum products, and petrochemicals through August 21 as part of the broader ceasefire framework.

On July 7, the Treasury replaced that authorization with General License X1, which revokes General License X and begins winding it down.

A U.S. official told Reuters that Iran’s actions in the Strait of Hormuz were “wholly unacceptable” and “will be met with consequences.” The move followed multiple incidents involving commercial shipping over the previous 24 hours.

According to maritime security reports, the Qatari owned LNG tanker AL REKAYYAT was struck near its engine room while transiting the Strait of Hormuz. The vessel caught fire and issued distress calls, although all crew members were initially reported safe.

A second vessel, the Saudi flagged crude oil tanker WEDYAN, sustained damage in a separate incident off the coast of Oman.

A third vessel, the Liberia flagged LPG tanker AL MARYAH, which is reportedly linked to the UAE, was intercepted by Iranian forces and ordered to alter course toward Iranian waters rather than continue along the southern shipping lane near Oman. The ship was not reported to have been struck.

Maritime security sources have also reported additional incidents that have not yet been publicly detailed.

The attacks mark one of the most significant disruptions to commercial shipping in the Strait since the June ceasefire. Roughly 20% of global oil trade passes through the waterway, making any threat to shipping an immediate concern for energy markets and international trade.

The Treasury’s decision is the first major reversal of the economic concessions granted under the June agreement. General License X had allowed Iranian oil exports to resume under temporary U.S. authorization while negotiations continued. With its revocation, those permissions are now being withdrawn.

The timing suggests the administration viewed the attacks on commercial shipping as incompatible with continued sanctions relief.

The developments also raise new questions about the future of the ceasefire framework. While the agreement remains formally in place, the revocation of one of its largest economic provisions signals that further violations could trigger additional U.S. measures.

The situation remains fluid. Additional diplomatic, economic, or military responses remain possible. Iran has yet to respond.