The US launched fresh airstrikes in Iran and revoked a waiver that allowed it to sell oil globally, further imperiling a peace agreement after a series of attacks on ships in the Strait of Hormuz.

The “powerful strikes” were meant to “impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway,” US Central Command said in a statement on X.

Hours earlier, the US Treasury Department announced it was barring new sales of Iranian oil after July 7, a move that sent oil prices surging. Gold also slumped amid fears that elevated energy prices might prompt the US Federal Reserve to raise interest rates.

Taken together, the American actions marked the most serious threat yet to the interim agreement signed between the two countries’ leaders on June 17. They also threatened to scuttle negotiations aimed at achieving a permanent peace within 60 days of that deal.

The precise targets and number of casualties weren’t clear, but Iran’s Mehr News Agency reported explosions were heard near the strait.

West Texas Intermediate surged above $72 a barrel as news of the latest clashes became known. Oil’s rebound, after futures had plunged in the second quarter as regional tensions cooled, threatens a new wave of disruption for global energy markets. Global benchmark Brent oil prices touched a peak near $125 a barrel in late April, two months after the US and Israel began the military campaign against Iran. Prices returned toward pre-conflict levels this month on growing signs of a recovery.

Both sides accused the other of violating the ceasefire. The US blamed Iran for the strikes on commercial shippers in Hormuz over the last day — the most since the agreement went into effect.

Iran called the US operation and the waiver revocation were violations of the two sides’ agreement. Deputy Foreign Minister Kazem Gharibabadi vowed “decisive actions” in response.

The end of attacks on commercial shipping and the previous 60-day waiver allowing Iranian oil sales were key elements of the memorandum of understanding that halted fighting between the US and Iran.

That deal was meant to create space for more detailed negotiations on the fate of Iran’s nuclear program and the future of the strait.

The reversal in the US stance occurred just as oil flows and production from the Persian Gulf were starting to approach pre-war levels. US authorization for sales of Iranian oil played a significant role in calming investor worries about supply shortages and helped tame oil prices.

Now, a return to hostilities and renewed threat to energy flows via the critical strait could once again plunge the global market into renewed volatility. (Source: Bloomberg)

Story Date: July 8, 2026