On July 8, 2026, the United States initiated a new round of strikes in Iran, targeting more than 80 sites. Concurrently, the US revoked a waiver that had previously allowed Iran to sell oil globally. These actions threaten a peace agreement established after a series of attacks on commercial vessels in the Strait of Hormuz.
The strikes and oil sanctions were a direct response to Iranian attacks on three commercial ships in the Strait of Hormuz, which the US Central Command characterized as "unwarranted, dangerous, and a clear violation of the ceasefire." Earlier, the US Treasury Department had temporarily lifted sanctions on Iranian oil sales for 60 days as part of the ceasefire agreement, a move that allowed Iran, which relies on oil for about 50% of its revenue, to sell tens of millions of barrels from floating storage. However, the waiver was "revoked and superseded in its entirety," with buyers given until July 17 to finalize any ongoing transactions.
Following the news, global oil prices reacted significantly. Brent crude rose by 3% to $76 a barrel, maintaining levels close to pre-war prices, while US oil surged nearly 6%, surpassing $70 for the first time since June 30. US crude futures specifically increased by 2.7% to $72.40 a barrel. This move reintroduced uncertainty into the market, as the US had previously imposed a blockade in April, effectively cutting off Iranian oil from leaving the Persian Gulf. The impact of these renewed sanctions on global supply and inflation is a growing concern for investors, who have adopted a more cautious stance across global markets.
Iran's foreign ministry condemned the US actions as a breach of the memorandum of understanding and accused the US government of "bad faith, inconsistency, and unreliability." The US strikes targeted Iranian air defense, coastal surveillance, anti-ship, and drone launch sites, including over 60 Islamic Revolutionary Guard Corps (IRGC) small boats. The reimposition of oil sanctions, which the US had initially lifted as a concession for Iran reopening the Strait of Hormuz, marks one of the most significant challenges to the fragile ceasefire between the two nations.
