The U.S. Treasury Department's Office of Foreign Assets Control revoked the June 21 general license that allowed Iran to export crude oil as part of the terms of the June memorandum of understanding between the two countries, OFAC said in a July 7 statement published on its website. OFAC issued a temporary license requiring companies to wind down transactions related to Iranian oil exports by July 17.

Iran carried out multiple strikes, hitting at least three commercial vessels in the Strait of Hormuz from July 6-7. The most significant was an attack on Qatar's Al Rekayyat liquefied natural gas carrier, which suffered significant damage. That strike was the first on a Qatari LNG carrier since the war between Iran, Israel and the United States began on Feb. 28 and will complicate Qatari efforts to resume LNG production and consistent exports through the strait. Iran is attempting to force ships to use its approved transit route through the Strait of Hormuz rather than the U.S.-backed route closer to the Omani coastline.