Commodities
US Revokes License for Iranian Oil Sales Amid Gulf Tensions
The United States has announced that it will revoke a general license allowing the sale of Iranian oil. The move comes after recent attacks on tankers in the Strait of Hormuz, a strategic waterway through which roughly one-fifth of global oil consumption passes each day.
Oil prices rose by more than 3% following the announcement. The US official stated that Iran's actions were 'wholly unacceptable' and would be met with consequences.
The revocation of the license threatens to put a fragile diplomatic understanding between Washington and Tehran on shaky ground, raising the risk of further retaliation and derailing negotiations over a broader agreement.