US revokes license authorizing Iranian oil sales after tanker attacks

The United States revoked a general license that had authorized the sale of Iranian oil, signaling a firm response to Iran's recent actions in the Strait of Hormuz. A US official described Iran's behavior in the strategic waterway as "wholly unacceptable" and vowed that consequences would follow. The decision comes after three commercial tankers were reportedly struck by unknown projectiles in and near the Strait of Hormuz in recent days, according to a report from the British navy-affiliated agency UKMTO. While there was no immediate comment from Tehran or any claim of responsibility for the attacks, a source familiar with the incidents told The Jerusalem Post that Iran was responsible for launching at least five drones and missiles at three ships.

Following the announcement of the license revocation, oil prices surged more than 5%. The US Treasury indicated that a wind-down period would be allowed until July 17 for Iran's oil transactions previously permitted under the revoked license. Despite the escalation, a US official stated that negotiators were continuing to work in good faith toward a final agreement with Iran. However, the attacks and the US response threaten to destabilize a fragile diplomatic understanding between Washington and Tehran, increasing the risk that further retaliation could derail ongoing negotiations over a broader deal.

Another US official, speaking anonymously, confirmed that initial indications suggested Iran had fired at three commercial vessels. This potential escalation occurs while both sides have been engaged in efforts to reach an agreement that would include limitations on Iran's nuclear program in exchange for relief from certain sanctions, including those on oil exports. The Strait of Hormuz, a critical global energy chokepoint through which roughly a fifth of global oil consumption and significant volumes of liquefied natural gas pass daily, remains a focal point of tension. Any prolonged disruption in this waterway could lead to increased energy prices, exacerbating existing economic pressures on consumers and governments worldwide.

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wholly unacceptable