Oil prices rise more than 5% - US reinstates sanctions on Iranian oil sales
The United States has reimposed sanctions on Iranian oil after a US official warned that Iran's attacks on ships in the Strait of Hormuz were "totally unacceptable" and would face consequences. Oil prices rose more than 5% after the announcement. The US Treasury last month authorized Iranian oil sales until August 21 as part of a fragile deal between Tehran and Washington. Tuesday's revocation shortens that shutdown period to an end date of July 17.
The attacks and the US response threaten to strain the diplomatic understanding between Washington and Tehran, raising the risk that further retaliation could derail negotiations on a broader deal. The Strait of Hormuz is one of the world's most important energy chokepoints. Roughly a fifth of global shipments of oil and liquefied natural gas passed through the strait every day before the war.
Any prolonged outage could raise energy prices and increase pressure on consumers and governments already facing higher fuel costs. Oil exports remain a critical source of revenue for Iran, providing billions of dollars in hard currency that help finance government spending and prop up an economy weakened by years of U.S. sanctions. Despite the restrictions, Tehran has managed to expand shipments in recent years, mainly to China, making oil sales one of the country’s most important economic lines. Oil prices have fallen sharply since the deal was reached last month.
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