The United States has revoked the general license that permitted the sale of Iranian crude oil, a move that immediately triggered a sharp rally in global energy markets.
A U.S. official confirmed the decision on Tuesday, stating that Iran's recent actions in the Strait of Hormuz were "wholly unacceptable" and would be met with renewed economic pressure.
Brent crude prices jumped more than 3% following the announcement, as traders repriced the risk of supply disruption in the Strait of Hormuz.
The revocation effectively halts the temporary waiver that had allowed Iranian exports to resume, marking a significant escalation in the ongoing geopolitical standoff.
Brent crude prices jumped more than 3% following the announcement, as traders repriced the risk of supply disruption in the Strait of Hormuz.
The surge reflects growing anxiety over the security of maritime routes, particularly after recent attacks on tankers defied ceasefire expectations.
The market reaction underscores the sensitivity of global oil flows to political developments in the region, with investors now weighing the likelihood of further transit restrictions or insurance premium hikes.