Global oil markets rallied sharply on Tuesday following a significant escalation in U.S. policy toward Iran.
The United States simultaneously revoked the general license that had permitted the sale of Iranian crude oil and launched air strikes against targets in the country.
The move marks a decisive shift from diplomatic pressure to direct military and economic action, immediately tightening the supply outlook for global energy markets.
Brent crude and WTI benchmarks climbed in response to the news, as traders repriced the risk of immediate supply disruptions.
The cancellation of the sales license effectively removes a portion of Iranian output from the legal market, while the air strikes raise concerns about potential damage to infrastructure or retaliatory actions that could choke off exports entirely.
This development reverses the recent downward pressure on prices, which had been driven by expectations of easing tensions and OPEC+ output increases.