The Trump administration is reimposing sanctions on Iranian oil sales in retaliation for a series of attacks on commercial ships near the Strait of Hormuz.
“Iran will only reap benefits if they exhibit good behavior,” a US official said in a statement. “Iran’s actions in the Strait were wholly unacceptable to the United States and will be met with consequences.”
The move marks the latest challenge to the fragile ceasefire between US and Iran, and eliminates one of the central concessions made to the Iranian regime in exchange for its reopening the Strait of Hormuz.
It has jolted global oil prices — Brent rose 3% on the news to $76 a barrel but remains close to pre-war levels. US oil surged nearly 6%, rising back above $70 for the first time since June 30.
The US Treasury Department had initially agreed to lift sanctions on the sale of Iranian oil for 60 days as part of the ceasefire agreement, which Treasury Secretary Scott Bessent characterized at the time as a show of confidence in the two nations’ “productive talks.”
