The United States revoked on Tuesday a general license that authorized the sale of Iranian oil, as a U.S. official warned that Iran’s actions in the Strait of Hormuz were “wholly unacceptable” and would be met with consequences after attacks on tankers in the strategic waterway.
Oil prices rose more than five per cent following the announcement. The U.S. Treasury said it would allow a wind-down period to July 17 for Iran’s oil transactions that had been allowed under the now revoked license.
The U.S. official said negotiators continued to work in good faith toward a final agreement with Iran despite the latest escalation.
The U.S. move came after three tankers reported being struck by unknown projectiles in and near the Strait of Hormuz in recent days, the British navy-affiliated agency UKMTO said in a report. There was no immediate comment from Tehran, or any claim of responsibility.
The attacks and the U.S. response threaten to put a fragile diplomatic understanding between Washington and Tehran on shaky ground, raising the risk that further retaliation could derail negotiations over a broader agreement.
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U.S. would have to risk casualties if it wants to seize Strait of Hormuz from Iran’s control: analyst
Another U.S. official, speaking on condition of anonymity, said initial indications were that Iran had fired at three commercial vessels.
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The potential escalation comes as both sides had been working toward a deal that included limits on Iran’s nuclear program and relief from some sanctions, including restrictions on oil exports.
The Strait of Hormuz, a narrow waterway between Iran and Oman, is one of the world’s most important energy chokepoints, with roughly a fifth of global oil consumption and large volumes of liquefied natural gas shipments passing through each day.
Any prolonged disruption could push up energy prices and increase pressure on consumers and governments already facing higher fuel costs.
Oil exports remain a critical source of revenue for Iran, providing billions of dollars in hard currency that help fund government spending and support an economy weakened by years of U.S. sanctions.
Despite restrictions, Tehran has managed to expand shipments in recent years, largely to China, making oil sales one of the country’s most important economic lifelines.
Any renewed effort to curb those exports could put additional pressure on Iran’s finances and its ability to sustain domestic programs and regional activities.
“The U.S has the firepower and manpower to end this in hours, not letting it go for months or years.” So does Russia when it comes to the Ukraine, and that one has already been years. Just proves that war is good for business. And for all of those with TDS, Nancy P will back this comment up.
Hey Ben, Iran can be wiped off the map completely and its peoples forever erased from the world.
Just shut your weak liberal clap trap.
Iran can retaliate by targeting oil infrastructure with drones and it’s impossible for the US to completely eliminate that threat. The only party to blame for the quagmire is the USA. A huge attack on Iran is not feasible.
The U.S has the firepower and manpower to end this in hours, not letting it go for months or years. Iran has a problem in its leadership and maybe the U.S should take the reins. It would be better for the entire world, including the freedom of citizens in Iran.
Should have wiped them off the planet when they had the chance
They are going to regret not doing so
F *ucking Iranians again, attacking civilian oil tankers. Just nuke them. They are worthless trash. Drop a 5 Megaton right in the middle of Tehran.