Iran live updates: US carrying out 'powerful' airstrikes after earlier Iranian attacks in Strait of Hormuz, CENTCOM says

The U.S. is revoking a license that authorized the sale of Iranian oil, a key aspect of the memorandum of understanding signed between the U.S. and Iran last month. A U.S. official pointed to recent escalation in the Strait of Hormuz as reason for this reversal, calling Iran’s actions “wholly unacceptable.”

“The Office of Foreign Assets Control is revoking GL X, which authorized the sale of Iranian oil. As President [Donald] Trump and the administration have repeatedly affirmed, the MOU in effect with Iran is entirely performance-based. Iran will only reap benefits if they exhibit good behavior,” the official said.

“Iran’s actions in the Strait were wholly unacceptable to the United States and will be met with consequences,” a U.S. official also said in a statement to ABC News.

This comes after three commercial ships had been attacked in the Strait of Hormuz since Monday. Iran had fired at least two missiles at commercial vessels overnight, two U.S. officials confirmed, and a third tanker was reportedly struck Tuesday, per UKMTO.

According to the Treasury Department, the license is “revoked and superseded in its entirety,” effective Tuesday. The Treasury Department also said it would allow a wind-down grace period until July 17 for transactions previously authorized under the license. 

This marks a revocation of one of the agreed-upon points in the MOU, which had taken effect on June 18. The MOU had stated that "immediately upon signing," the Treasury Department will issue waivers and allow export of Iranian crude.

While the MOU took effect on June 18, the wide-ranging license permitting the sale of Iranian oil was not officially issued until June 22, and it was intended to be waived for a 60-day period-- until August 21. 

This was considered a significant financial win for Iran, given that the country had faced oil sanctions for years.

However, the U.S. official said peace talks between the U.S. and Iran remain ongoing, adding that “our negotiators continue to work in good faith towards a final deal.”

The news of the revocation was first reported by Reuters.

Saudi Arabia and Qatar have issued condemnations of Iran's alleged attacks on pair of tankers -- Saudi's Vijian and Qatar's Rakiyat -- in the Strait of Hormuz.

"Kingdom affirms that these rejected attacks are an assault on the security and safety of international navigation, and on the security of global energy supplies," the Saudi minister of foreign affairs said in a statement Tuesday.

Qatar called the attacks "unacceptable" and "a grave [and] explicit violation of international law," in a statement Tuesday.

"We demand that the Islamic Republic of Iran immediately cease all practices that undermine regional security or threaten the safety of international maritime navigation, & refrain from endangering global energy supplies & the resources of the countries of the region in pursuit of narrow interests. We hold it fully legally responsible for this attack & for any resulting damages & consequences," the Qatari foreign ministry said.

The United Kingdom Maritime Trade Operations Center issued a warning after it received a report of another tanker being struck by a projectile while transiting the Strait of Hormuz on Tuesday.

The tanker was struck by a drone and sustained "minor structural damage" Tuesday, according to the UKMTO warning.

No casualties were reported, and the tanker continued to its destination, according to the UKMTO.

This would be the third vessel attacked while transiting the Strait of Hormuz since the overnight hours.

Iran fired at least two missiles at commercial vessels transiting the Strait of Hormuz overnight, two U.S. officials told ABC News.

Iran fired at least two missiles at commercial vessels transiting the Strait of Hormuz overnight, two U.S. officials told ABC News on Tuesday.

The statement followed the report by the U.K. Maritime Trade Operations Centre of an "unknown projectile" striking a tanker off the Omani coast Early on Tuesday.

-ABC News' Shannon K. Kingston and Katherine Faulders