The US Treasury Department has reinstated sanctions on Iranian oil exports following attacks on tankers in the Strait of Hormuz, shortening the authorised wind-down period for oil sales to 17 July 2026 (US government press release, 07/07/2026). The sanctions reversal follows incidents involving three commercial vessels reportedly struck near the Strait of Hormuz.
Iranian oil exports had been temporarily authorised until 21 August 2026, before the decision was reversed (KEI, 24/06/2026). The move comes despite ongoing negotiations between the US and Iran.
Despite restrictions, Iran has increased oil exports in recent years, largely to China. However, oil exports represent a much smaller share of GDP than in previous decades, decreasing to 15% in 2025 (Enerdata’s Global Energy Research).
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