The US initiated "powerful" strikes on Iran on July 7, targeting over 80 sites, including more than 60 Islamic Revolutionary Guard Corps (IRGC) small boats, missile launch sites, and command centers. This action came in response to attacks on three oil tankers in the Strait of Hormuz. US Central Command (Centcom) stated the strikes were to "impose heavy costs for targeting and attacking commercial shipping crewed by innocent individuals in an international waterway". Iranian state media reported strikes hit Qeshm island, Bandar Abbas, and Sirik, resulting in injuries.
Alongside the military action, the US Treasury revoked a waiver that had temporarily lifted oil sanctions on Iran. This waiver was part of a memorandum of understanding signed last month between Washington and Tehran, aimed at extending a ceasefire. The revocation gives buyers of Iranian oil until July 17 to wind down any transactions. Iran's foreign ministry condemned the move as a breach of the memorandum, citing "bad faith, inconsistency, and unreliability" from the US government. The US government had previously allowed Iran to freely sell tens of millions of barrels of oil from floating storage under the now-revoked exemption, a significant concession as Iran derives approximately 50% of its revenue from oil sales.
Global oil prices reacted sharply to the news. Brent crude rose 3% to $76 a barrel, while US oil surged nearly 6%, crossing the $70 mark for the first time since June 30. The re-imposition of sanctions and the strikes mark a significant test for the fragile ceasefire established in June, which had facilitated increased traffic through the Strait of Hormuz and contributed to a decline in global oil prices. Qatar and Saudi Arabia, whose tankers were reportedly hit, placed blame on Iran for the attacks. In retaliation, the IRGC claimed to have launched missile and drone attacks on 85 US military facilities in Bahrain and Kuwait in the early hours of July 8.
