Oil prices rose sharply on Tuesday, reaching their highest level since June 25, after the United States revoked a temporary sanctions waiver that had allowed Iranian oil to be sold on the global market.
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The Trump administration took the decision following reports of attacks on multiple tankers near the Strait of Hormuz, a critical waterway that has remained central to global energy supply concerns.
In late afternoon trading, U.S. crude oil climbed by more than five percent to above $72 per barrel, while international benchmark Brent crude also rose by 5.3 percent to more than $75 per barrel.
A U.S. official said the decision was tied to Iran’s alleged actions in the strait, describing the existing memorandum of understanding with Iran as “performance-based.”
“As President Trump and the administration have repeatedly affirmed, the MOU in effect with Iran is entirely performance-based,” the official said.
“Iran will only reap benefits if they exhibit good behavior. Iran’s actions in the strait were wholly unacceptable to the United States and will be met with consequences,” the official added.
The revoked waiver, listed on the U.S. Treasury Department’s website, took effect immediately. It also directed that any production, delivery or sale of Iranian oil must be wound down by July 17.
The waiver had originally permitted such sales to continue until August 21.
Earlier on Tuesday, the United Kingdom Maritime Trade Operations Center said it received two reports of attacks on ships transiting the Strait of Hormuz. According to the agency, one vessel was struck by an unknown unmanned aerial vehicle, while another was hit by an unidentified projectile and was believed to have sustained structural damage.
A third ship off Oman was also reportedly attacked, causing a fire to break out on board.
A U.S. official confirmed the reports and alleged that Iran’s Islamic Revolutionary Guard Corps fired missiles at two ships and struck a third commercial vessel with at least one drone. The official also said the U.S. military shot down additional drones fired by Iran.
Oil traders were further unsettled by a Reuters report that one of the affected vessels, identified as the liquefied natural gas tanker Al Rekayyat, was at risk of exploding due to a fire in its engine room. NBC News said it had not independently verified that report.
The temporary sanctions waiver had previously provided some relief to oil markets at a time of tight supply, particularly because the Strait of Hormuz has been effectively closed to ship traffic for months.
The sharp rise in oil prices also affected broader financial markets. U.S. Treasury yields rose after the sanctions waiver was revoked, with the 20-year and 30-year yields moving above five percent. The 10-year U.S. government bond yield, which influences consumer borrowing rates, rose to its highest level since early June.
Stocks also came under pressure as oil prices jumped. The S&P 500 closed down by 0.45 percent, although it recovered slightly from its lowest point of the day.
The Nasdaq 100 fell more sharply, ending the day nearly two percent lower, largely due to heavy selling in chip and technology stocks.
The sell-off in chip stocks was worsened by a decline in Samsung shares, which fell seven percent overnight despite the company reporting better-than-expected earnings. Investors reportedly reacted negatively because the earnings beat was not as strong as some had expected.
Joe Mazzola, Charles Schwab’s head of trading and derivatives strategy, said Samsung’s decline triggered broader pressure on U.S. markets, particularly after investors had recently returned to volatile chip names.
Market sentiment was also affected by a Reuters report that Chinese AI startup DeepSeek is developing its own artificial intelligence chip, a move that could eventually reduce its reliance on American chip suppliers.
The developments added to concerns that the latest tension around Iran, the Strait of Hormuz and global oil supply could have wider consequences for energy prices, financial markets and investor confidence.
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