US Launches New Strikes on Iran, Reinstates Oil Sanctions After Shipping Attacks in Strait of Hormuz

The United States has launched a new wave of military strikes against Iran and simultaneously revoked a license that allowed Iran to sell oil on international markets, following attacks on commercial vessels in the Strait of Hormuz. These actions severely strain the already fragile ceasefire between the US and Iran, escalating tensions in global energy markets. The U.S. Central Command (CENTCOM) stated that Iran's aggression was unwarranted, dangerous, and a clear violation of the ceasefire.

U.S. military officials reported that the airstrikes targeted Iranian air defense systems, coastal surveillance systems, surface-to-air missiles, anti-ship cruise missiles, and drone launch sites, as well as port facilities. Meanwhile, Iranian media reported explosions early Wednesday local time in southern port cities such as Sirik, Qeshm Island, and Bandar Abbas. Iran's Foreign Ministry condemned the U.S. decision to withdraw the oil sales waiver, calling it a breach of the ceasefire agreement and holding Washington responsible for the consequences.

Under an interim U.S.-Iran agreement reached last month, the U.S. Treasury Department had issued a general license on June 22, allowing the sale of Iranian-origin crude oil, petrochemical, and petroleum products until August 21. However, this license was revoked on Tuesday after three commercial tankers were hit in the Strait of Hormuz. U.S. officials gave Iran until July 17 to wind down all transactions. This development immediately led to a surge in global oil prices, with Brent crude rising to $76 per barrel and U.S. crude (WTI) jumping nearly 6% to above $70.

The ceasefire, established after the conflict began in February with U.S. and Israeli strikes across Iran, was a significant step towards de-escalation. However, Iran's control over the Strait of Hormuz provides Tehran with immense leverage against the world's most powerful military. Analysts suggest that Iran uses attacks on ships to underscore this leverage as it negotiates a long-term peace deal with the U.S.

Market analysts anticipate that the re-imposition of U.S. oil sanctions and the escalation of military strikes will further exacerbate concerns over global energy supply. The sharp rise in oil prices indicates that geopolitical risks in the Middle East continue to profoundly impact the global economy and markets. Moving forward, the outcome of negotiations between the parties and the security of navigation in the Strait of Hormuz will play a critical role in determining the direction of energy markets. Iranian Foreign Minister Abbas Araqchi explicitly stated that negotiations on a final deal would not commence if threats persist.