US Revokes License for Iranian Oil Sales Following Strait of Hormuz Attacks, Oil Prices Surge

The United States has canceled the general license permitting the sale of Iranian oil, according to a US official who condemned Iran's recent actions in the Strait of Hormuz as "unacceptable" and promised retaliatory measures. This decision follows reports from the United Kingdom Maritime Trade Operations that three oil tankers were struck by unidentified projectiles or weapons in and near the strategic waterway over the past days. As a result, Brent crude oil prices have jumped approximately 3 percent to $75 per barrel.

No official response has been received from Tehran, and no group has claimed responsibility for the attacks. If confirmed, the US move represents a significant tightening of sanctions policy, potentially escalating regional tensions and further driving up global oil prices. The Strait of Hormuz is a critical chokepoint for global oil shipments, and any prolonged disruption could increase energy costs, impacting consumers and governments already facing high fuel prices.

Iran relies heavily on oil exports as a major source of foreign currency, which funds government spending and supports an economy weakened by years of US sanctions. Despite these sanctions, Iran has managed to increase oil shipments, particularly to China, making oil sales vital to its economy. Renewed efforts to curtail Iranian oil exports are expected to intensify financial pressure on Tehran, limiting its ability to finance domestic programs and regional activities.

Meanwhile, US President Donald Trump arrived in Turkey ahead of the NATO summit in Ankara, where he was welcomed by President Recep Tayyip Erdoğan. Reports indicate the US plans to reintegrate Turkey into the stealth fighter jet program from which it was removed in 2019, adding a diplomatic dimension to the unfolding regional developments.