The United States revoked a waiver permitting Iranian oil sales on Tuesday, reinstating sanctions just weeks after they were eased, as oil prices surged and three tankers were attacked in or near the Strait of Hormuz.
The US Treasury Department withdrew the exemption it had issued in late June, which had suspended sanctions until August 21 following an interim agreement to reopen the strait. The Office of Foreign Assets Control said no new transactions involving Iranian oil are permitted effective immediately. Washington called Iran's actions in the waterway "completely unacceptable" and said they would carry consequences.
The attacks targeted a Qatari LNG tanker, a Saudi oil supertanker, and a third vessel. Iranian state television said its forces struck the Qatari tanker after it ignored warnings, while Tehran has insisted ships use a northern route under its control. Brent crude rose 5.3 percent to $75.78 per barrel and WTI climbed 5.05 percent to $72.01.