US Revokes Iranian Oil License Following Tanker Attacks

The decision follows a series of high-stakes attacks on three tankers, including a reported drone strike on a Qatari LNG vessel that prompted sharp accusations against Tehran. While the initial agreement allowed trade to continue until August 21, the new mandate accelerates the timeline, stripping Iran of a critical economic bargaining chip used during ongoing peace negotiations.

Market volatility reflects the fragility of the region, where Iran maintains significant leverage over global shipping routes. The revocation arrives at a period of heightened domestic mourning in Qom, where crowds gathered following the death of Supreme Leader Ayatollah Ali Khamenei. With the diplomatic window closing, the U.S. strategy appears aimed at containing Iranian influence by constricting its primary revenue stream amid escalating security concerns in the strait.