The United States has revoked temporary sanctions waivers that had allowed Iran to export oil under a memorandum of understanding (MOU), citing Tehran's actions in and around the Strait of Hormuz.

The U.S. Department of the Treasury said the Office of Foreign Assets Control (OFAC) had cancelled the general license that permitted limited transactions involving Iranian oil exports under the arrangement.

A U.S. official said the decision was prompted by Iran's recent activities in the Strait of Hormuz, warning that Tehran would only benefit from the agreement if it demonstrated responsible behavior.

"Iran's actions in the strait were completely unacceptable to the United States, and there will be consequences," the official said, adding that U.S. negotiators remain committed to reaching a final agreement through ongoing diplomatic efforts.

Iran's Foreign Ministry said Tehran had fully complied with its commitments under the memorandum of understanding regarding the management of navigation in the Strait of Hormuz.

The ministry urged regional countries and international shipping companies to avoid any actions that would violate the terms of the agreement.

Iranian Foreign Ministry spokesperson Esmaeil Baghaei had previously warned that commercial vessels using routes not coordinated with Iranian authorities or manipulating their vessel-tracking systems could face increased risks, saying such actions undermine efforts to ensure safe navigation through the strategic waterway.

The Strait of Hormuz is one of the world's most important maritime energy corridors, with roughly one-fifth of global oil consumption passing through the narrow waterway. Any disruption to shipping in the area can have significant implications for global energy markets and international trade.

The latest U.S. decision comes amid renewed tensions despite ongoing diplomatic contacts between Washington and Tehran aimed at reaching a broader agreement on regional security and sanctions relief. (ILKHA)