Commercial vessels and oil tankers preparing to transit through the Strait of Hormuz, one of the most critical strategic waterways for global trade flows, maintain their wait in the Gulf of Oman, on June 17, 2026. Shady Alassar | Anadolu | Getty Images The U.S. Treasury Department will revoke its authorization of Iranian oil sales after a series of attacks on tankers in the Strait of Hormuz this week.