Trump Retaliates Against Iran with Oil Sanctions
The United States Treasury Department will reportedly revoke permits that previously allowed Iranian oil sales. This decision comes after several tankers were reportedly attacked in the Strait of Hormuz, a vital waterway for global energy trade.
Previously, the US, through the Office of Foreign Assets Control (OFAC), issued Iran General License X on June 22, 2026. The license permits the production, transportation, and sale of Iranian crude oil and petroleum products until August 21, 2026.
However, a US official said the permit is performance-based, meaning Iran will only benefit from sanctions relief if it demonstrates behavior deemed consistent with the agreement. Washington views the attack in the Strait of Hormuz as unacceptable.
Tensions in Hormuz escalated after reports that Iran fired missiles at commercial vessels transiting the waterway. This incident rekindled concerns about shipping security and global energy supplies.
For the market, revoking Iran's oil sales permit could exacerbate supply risks and make oil prices more sensitive to geopolitical headlines. If Iranian supply is further restricted and the attacks on Hormuz continue, oil prices could potentially rise, inflationary pressures could re-escalate, and safe-haven assets like gold could also gain traction. (arl)
Source: Newsmaker.id
