US strikes 80 Iranian sites, revokes oil waiver after Hormuz tanker attacks

New Delhi: The United States launched fresh strikes on Iran on Tuesday and revoked a sanctions waiver that had allowed Iranian oil sales after three commercial vessels were attacked near the Strait of Hormuz, putting last month’s US-Iran understanding under its sharpest stress so far. US Central Command said its forces had begun “powerful strikes” against Iran to impose costs for targeting commercial shipping in an international waterway. It said the strikes were in response to Iranian attacks on three commercial vessels transiting the Strait of Hormuz and described Iran’s actions as a clear violation of the ceasefire. Reports citing CENTCOM said the US strikes targeted Iranian air defence systems, command-and-control networks, coastal radar sites, anti-ship missile capabilities and more than 60 IRGC small boats in and near the strait. More than 80 targets were hit, according to reports quoting the US command. Iran’s Khatam al-Anbiya Central Headquarters responded by warning that the armed forces of the Islamic Republic would give a “crushing response” to what it called US aggression. The command also said Iran would not allow any US interference in the affairs of the Strait of Hormuz or its management. The Iranian statement, carried by state-linked channels, said the only safe corridor for commercial vessels and oil tankers through the Strait of Hormuz was the route designated by Iran. US cancels oil-sale permission Alongside the military action, the US Treasury revoked a general licence that had authorised the production, delivery and sale of crude oil, petrochemical products and petroleum products of Iranian origin. A document issued by the Office of Foreign Assets Control and circulated online showed “General License X1” revoking and winding down the June 21, 2026 authorisation for Iranian-origin oil and petroleum products. The Associated Press reported that the Treasury revoked a general licence authorising the sale of Iranian oil after three tankers were hit in the latest attacks in the Strait of Hormuz. The earlier licence had allowed the production, delivery and sale of Iranian oil through August. The Financial Times reported that a US official described the MoU with Iran as “performance-based”, saying Iran would receive benefits only if it showed “good behaviour”. The same report said Brent crude rose after the waiver was revoked, with the move seen as a direct consequence of the tanker attacks. This makes the oil waiver central to the latest escalation. It was one of the economic concessions linked to the US-Iran effort to maintain the ceasefire and reopen the Strait of Hormuz. Its cancellation narrows the space for de-escalation because it hits Iran’s export earnings while the military confrontation is again active. Tanker attacks trigger escalation The immediate trigger was the attack on commercial vessels near Oman and the Strait of Hormuz. The Financial Times reported that UK Maritime Trade Operations said a tanker caught fire after being hit by an unknown projectile near the entrance to the strait on Monday night. It later reported two more tankers hit in a similar area, one by a drone, with one suffering structural damage. Qatar confirmed that one of the vessels was the Al Rekayyat, a laden LNG tanker belonging to QatarEnergy. Qatar’s foreign ministry described the attack as a serious violation of international law and said it held Iran fully legally responsible. The Guardian reported that Qatar summoned Iran’s deputy ambassador after the attack. Saudi Arabia also condemned the targeting of the Saudi-flagged tanker Wedyan and the Qatari tanker Al Rekayyat, saying the attacks threatened international navigation and global energy supplies. Iran rejected the accusations and argued that vessels using routes not coordinated with Tehran were creating risks. Iranian officials have insisted that the interim understanding leaves Iran and Oman with a role in managing the reopening of the strait. The dispute is now centred on control of the shipping route as much as the ceasefire itself. Oman had proposed a transit corridor close to its coastline, but Iran has opposed routes that it does not coordinate. Tehran has also argued that it has the right to impose charges for services linked to safe passage through the waterway. Hormuz pressure returns to oil market The Strait of Hormuz is one of the world’s most important energy chokepoints. Any attack on shipping in the area quickly affects oil and gas markets because Gulf producers depend on the route for exports. The latest escalation came as shipping through the strait had started recovering after the US-Iran MoU. The Financial Times reported that traffic had improved but remained below pre-war levels, with ship transits falling from 262 in the previous week to 211 in the week to July 5. Oil prices moved higher after the attacks and the US response. The Financial Times reported that Brent settled 3% higher on Tuesday at $74.16 a barrel and later rose as much as 6.1% to $76.36 in after-hours trading. The market reaction was sharpened by the US decision to revoke the Iranian oil waiver. If Iranian supply again comes under tighter sanctions pressure and shipping through Hormuz faces fresh risk, traders will price in disruption even if physical supply has not yet been deeply hit. At the same time, Gulf producers appear to be preparing for a market-share fight. The Wall Street Journal reported that major Gulf producers, including Saudi Arabia, the UAE, Iraq and Iran, were increasing output, while Saudi Arabia slashed crude prices for Asia by $11 a barrel, its largest monthly cut in more than two decades. That creates a complicated market picture. The security risk in Hormuz is pushing prices up, while higher Gulf output and Saudi price cuts are adding pressure on prices from the supply side. Peace MoU under pressure The latest US action also weakens the political foundation of the MoU signed last month. The understanding was meant to preserve the ceasefire, allow safer shipping through the Strait of Hormuz and give both sides time to work towards a wider settlement. The oil authorisation was part of the incentive structure around that arrangement. Iran’s foreign ministry accused Washington of violating the understanding by revoking the oil authorisation and launching strikes. It said Iran would take whatever measures it considered necessary to protect its national interests and security. US officials, however, framed both steps as consequences for Iranian action in the strait. Washington’s position is that Iran attacked commercial vessels despite ceasefire commitments and therefore cannot continue to receive the benefits linked to the MoU. The immediate risk is further retaliation. Iran’s military command has already warned of a crushing response. The US has said its forces remain prepared to hold Iran accountable if the agreement is not followed. Commercial shipping, energy prices and Gulf diplomacy will now depend on whether the confrontation remains limited to this round or moves into another cycle of strikes and counterstrikes.