The United States has revoked a general license that allowed Iran to sell oil, a move that comes after three tankers were attacked in the Strait of Hormuz on July 7. This decision is seen as a significant challenge to the fragile ceasefire agreement between the US and Iran, which had been in place since June. The US Treasury granted Iran until July 17 to wind down transactions covered by the revoked license, which was originally issued on June 22 and set to expire on August 21.
Oil prices reacted swiftly to the news, rising more than 3% to 5% with Brent crude nearing $76 a barrel in post-market activity. The attacks reportedly involved a Qatari LNG tanker, the Al Rekayyat, which was at risk of exploding due to a fire in its engine room, and a Saudi crude tanker, the Wedyan, which was damaged. Maritime security sources indicated that these incidents, which Qatar blamed on Iran, escalated the threat level for vessels in the strategic waterway to "severe," the first time this level has been reached since June 15.
Analysts view the US revocation of the oil sale license as a major step, as this concession was crucial for Iran to justify lifting its blockade over the Strait of Hormuz. The US official emphasized that while the actions in the Strait were "wholly unacceptable" and would be met with consequences, negotiators are still working in good faith toward a final agreement with Iran. However, Iran's foreign ministry condemned the US move as a breach of the framework agreement, warning of potential consequences and stating that negotiations cannot proceed amid ongoing threats.
