U.S. Strikes 90 Targets in Iran and Revokes Oil Waiver; Brent Rises 5.2%

On July 9, the United States launched a second consecutive night of strikes against approximately 90 military targets in Iran, as the Department of the Treasury revoked the waiver that had authorized Tehran to export crude oil, sending international oil prices sharply higher.

The new offensive, reported by AP, follows the July 7 bombardment of more than 80 installations, including air defense systems, command centers, and coastal radars, according to CNBC. The initial strikes were ordered following an attack on three commercial vessels near the Strait of Hormuz, including a Qatari liquefied natural gas (LNG) tanker and an oil supertanker. President Donald Trump declared the ceasefire "over" from the NATO summit in Ankara, Turkey, though hours later he softened his tone, saying he did not expect an all-out war, according to the same outlet.

The move with the greatest impact on energy markets was the revocation, by the Treasury's Office of Foreign Assets Control (OFAC), of the temporary waiver that since June 21 had allowed Iran to sell crude globally, as part of the Memorandum of Understanding that established the 60-day truce. New purchases of Iranian oil were prohibited immediately; transactions already in progress have until July 17 to settle.

Brent rose 5.2% to $78.02 per barrel and West Texas Intermediate (WTI) advanced 4.4% to $73.52, according to CNBC. Prices pulled back partially from their intraday highs after Trump stated he did not expect a large-scale war and cited an oversupply from vessels leaving the strait. The U.S.-led Joint Maritime Information Center (JMIC) raised its threat assessment in the Strait of Hormuz from "substantial" to "severe" and warned of possible additional Iranian hostile action against commercial shipping.

The combination of the revoked waiver and the threat to Hormuz, through which nearly one-fifth of global oil consumption passes, reintroduces the supply risk that had eased prices in June. The trajectory of shipping attacks and enforcement of sanctions on Asian buyers of Iranian crude will define the Brent outlook in the coming days.

This article was drafted with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.