The US is revoking a general license that had allowed the production, delivery and sale of Iranian crude and related products after attacks on three tankers near the Strait of Hormuz.The US Treasury Department says the Office of Foreign Assets Control will end the special authorization that had been announced earlier this month and will permit a brief wind-down period while banks and traders adjust.Officials say the move is consistent with a performance-based memorandum of understanding and that the revocation will carry consequences for Iran even as negotiators continue talks in good faith toward a broader deal.Energy analysts warn the strikes and the license removal raise the prospect of higher oil prices because the Strait of Hormuz channels roughly one fifth of daily global oil consumption and
Iran relies on sales to
China for hard currency.