{"id":194900,"date":"2026-07-07T20:12:36","date_gmt":"2026-07-07T20:12:36","guid":{"rendered":"https:\/\/www.europesays.com\/iran\/194900\/"},"modified":"2026-07-07T20:12:36","modified_gmt":"2026-07-07T20:12:36","slug":"oil-prices-jump-as-iran-attacks-vessels-in-hormuz-strait-us-revokes-license-allowing-iran-to-sell-oil","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/iran\/194900\/","title":{"rendered":"Oil prices jump as Iran attacks vessels in Hormuz strait, US revokes license allowing Iran to sell oil"},"content":{"rendered":"\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">Oil prices jumped during Tuesday&#8217;s trading session after attacks by Iran against ships moving in and around the Strait of Hormuz once again derailed confidence in safe passage through the critical waterway.  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">Answering the violence, the US Treasury Department on Tuesday <a href=\"https:\/\/ofac.treasury.gov\/recent-actions\/20260707\" data-ylk=\"slk:revoked%20the%20license;elm:context_link;itc:0;sec:content-canvas;cpos:1;pos:1;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;revoked the license&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkPosition&quot;:&quot;1&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" class=\"link\">revoked the license<\/a> issued by the Office of Foreign Asset Control that allowed Iran to sell its previously sanctioned crude oil on the global market, destabilizing a key tenet of the US-Iran memorandum of understanding signed only weeks ago.  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">Futures on Brent crude (<a href=\"https:\/\/finance.yahoo.com\/quote\/BZ=F\/\" data-ylk=\"slk:BZ%3DF;elm:context_link;itc:0;sec:content-canvas;cpos:2;pos:1;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;BZ=F&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkPosition&quot;:&quot;2&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" class=\"link\" rel=\"nofollow noopener\">BZ=F<\/a>), the international benchmark, rose by roughly 5% to trade above $75.50 per barrel. Those on US benchmark WTI crude (<a href=\"https:\/\/finance.yahoo.com\/quote\/CL=F\/\" data-ylk=\"slk:CL%3DF;elm:context_link;itc:0;sec:content-canvas;cpos:3;pos:1;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;CL=F&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkPosition&quot;:&quot;3&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" class=\"link\" rel=\"nofollow noopener\">CL=F<\/a>) ticked up by a similar 5% to reach $72.  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">Three separate ships were <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-07-06\/latest-oil-market-news-and-analysis-for-july-7?srnd=homepage-americas\" data-ylk=\"slk:struck%20by%20projectiles%20from%20Iran;elm:context_link;itc:0;sec:content-canvas;cpos:4;pos:1;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;struck by projectiles from Iran&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkPosition&quot;:&quot;4&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" class=\"link\">struck by projectiles from Iran<\/a> in the last 24 hours, according to alerts from the UK maritime network and statements from governments, including a Qatari LNG carrier and a Saudi oil tanker.  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">The three vessels were all traveling in or near the Strait of Hormuz when they were struck, according to ship-tracking data. Even as the US has insisted Iran must allow safe freedom of navigation through the Strait of Hormuz, the Iranian government has maintained that it must control transit through the waterway.  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">The attacks sent multiple vessels that had been using a southern passage along the Omani coast <a href=\"https:\/\/x.com\/AmiDaniel1\/status\/2074507576494989449?s=20\" data-ylk=\"slk:rerouting%20toward%20Iran;elm:context_link;itc:0;sec:content-canvas;cpos:5;pos:1;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;rerouting toward Iran&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkPosition&quot;:&quot;5&quot;,&quot;yPosition&quot;:&quot;1&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" class=\"link\">rerouting toward Iran<\/a>, per data from the vessel-tracking platform Windward, potentially looking to avoid drawing the ire of Iranian drones.  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">&#8220;Iran probably can&#8217;t enforce a tolling system in the strait \u2014 its effective leverage doesn&#8217;t extend that far,&#8221; Gregory Brew, Iran and oil-focused senior analyst at Eurasia Group, said Tuesday. &#8220;But these sporadic attacks inject enough uncertainty to preserve some of it&#8217;s wartime position.&#8221;  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">The violence marks the second time since the signing of the US-Iran memorandum of understanding to end the war that the Iranian military has been documented striking vessels. After the first wave of attacks, the US military renewed airstrikes inside the country before the two sides agreed to ceasefire.  <\/p>\n<p>    <a href=\"https:\/\/s.yimg.com\/lo\/mysterio\/api\/AE4A4DF70DF7A89DC7B1CD26B1883DBCE555BB629B33F08966F437E2E15213C4\/subgraphmysterio\/resizefit_w960;quality_80;format_webp\/https:%2F%2Fd29szjachogqwa.cloudfront.net%2Fimages%2F2026-07%2Fb17476e6-ba22-4e78-8cb1-d98be2eef235\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" alt=\"The Liberian flagged container vessel MSC Reef is seen docked along a pier at the Khor Fakkan Container Terminal, the only natural deep-sea port in the region and one of the major container ports in Sharjah Emirate, along the Gulf of Oman on June 28, 2026. Iran's top diplomat warned on June 28 that any attempt by shipping to bypass its preferred route through the Strait of Hormuz would &quot;increase tensions&quot; in the Middle East, as US and Iranian forces again traded attacks across the vital seaway. (Photo by AFP via Getty Images) \/\" height=\"640\" width=\"960\" class=\"yf-lglytj loader\"\/><\/a> The Liberian flagged container vessel MSC Reef is seen docked along a pier at the Khor Fakkan Container Terminal, the only natural deep-sea port in the region and one of the major container ports in Sharjah Emirate, along the Gulf of Oman on June 28, 2026. Iran&#8217;s top diplomat warned on June 28 that any attempt by shipping to bypass its preferred route through the Strait of Hormuz would &#8220;increase tensions&#8221; in the Middle East, as US and Iranian forces again traded attacks across the vital seaway. (Photo by AFP via Getty Images) \/  \u00b7 &#8211; via Getty Images         <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">While Iran has not yet claimed responsibility for the attacks, the development nonetheless threatens the already tenuous stability of the agreement in place between the US and Iran. Negotiations are remain ongoing despite the violence, US officials told Reuters.  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">The White House has repeatedly said any agreement \u2014 and any concessions, such as a removal of sanctions on Iranian crude \u2014 is conditioned on Iran&#8217;s obeisance of commitments under the memorandum of understanding, one of which is full and free transit through the strait.  <\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices jumped during Tuesday&#8217;s trading session after attacks by Iran against ships moving in and around the&hellip;\n","protected":false},"author":2,"featured_media":194901,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[28],"tags":[102,12764,34,38528,57881,57882,101,25195],"class_list":["post-194900","post","type-post","status-publish","format-standard","has-post-thumbnail","category-strait-of-hormuz","tag-hormuz","tag-international-benchmark","tag-iran","tag-memorandum-of-understanding","tag-office-of-foreign-asset-control","tag-sporadic-attacks","tag-strait-of-hormuz","tag-us-treasury-department"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116880523133344854","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/194900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=194900"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/194900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/194901"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=194900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=194900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=194900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}