US Revokes Iranian Oil Sales License, Triggering 4% Spike in Oil Prices

Minutes after the US Treasury Department announced the cancellation of the general license permitting Iranian oil sales, oil prices surged sharply by approximately 4%. This immediate increase reflects heightened tension in energy markets amid escalating security concerns in strategic Middle Eastern shipping routes.

The US move follows a series of Iranian attacks on oil tankers in the Strait of Hormuz, where at least three vessels were hit by gunfire or unidentified weaponry within less than 24 hours. Some reports indicate that four ships were attacked within an hour after ignoring warnings from Iran's Revolutionary Guards not to use the US-secured shipping lane near Oman's coast.

A US official condemned Iran's actions in the strait as "unacceptable" and warned that the United States does not intend to overlook these incidents, with further retaliatory measures under consideration. Iranian communications included explicit threats, stating, "Our missiles and drones are ready to fire on you."

This development underscores the fragile security situation in the Strait of Hormuz, a critical chokepoint for global oil shipments, and signals potential further volatility in oil markets and regional stability.