Washington: The US on Tuesday revoked a license authorizing the sale of Iranian oil under a deal with Tehran, the Treasury Department said, following recent Iranian strikes near the Strait of Hormuz.

According to Anadolu Agency, the Department of the Treasury's Office of Foreign Assets Control (OFAC) announced the revocation of Iran-related General License X, which had previously permitted the production, delivery, and sale of Iranian oil. This decision follows a series of attacks on commercial vessels in the strategically crucial Strait of Hormuz by Iranian forces.

Financial news broadcaster CNBC reported a statement from a US official, emphasizing that the memorandum of understanding (MOU) with Iran is performance-based, as reiterated by President Donald Trump and his administration. The official highlighted that Iran would benefit only if it demonstrated appropriate behavior.

The US official further noted that Iran's recent actions in the Strait of Hormuz were unacceptable and would lead to consequences. The attacks involved Iranian missiles striking three commercial vessels, resulting in significant damage but no casualties.

The Strait of Hormuz is a vital global energy corridor, facilitating the transportation of a substantial portion of the world's oil and liquefied natural gas exports from Gulf region producers. The recent incidents have heightened tensions and prompted the US to take action in response to Iran's aggressive maneuvers.