U.S. revokes Iran oil waivers after Iranian attacks in Strait of Hormuz

The Trump administration on Tuesday revoked the temporary waivers it issued as part of the memorandum of understanding with Iran that allowed Tehran to sell oil, the Department of Treasury announced.

Why it matters: The revocation of the waivers that was issued less than three weeks ago is in response to the renewed Iranian attacks against ships in the Strait of Hormuz over the past 24 hours.

Driving the news: A U.S. official said the Office of Foreign Assets Control is revoking the general license, which authorized the sale of Iranian oil.

• "As President Trump and the administration have repeatedly affirmed, the MOU in effect with Iran is entirely performance-based," the U.S. official said.
• "Iran will only reap benefits if they exhibit good behavior. Iran's actions in the Strait were wholly unacceptable to the United States and will be met with consequences. Our negotiators continue to work in good faith towards a final deal."

This is a breaking news story. Check back for updates.