U.S. Bans Iran's Oil Exports After Ships Damaged in Key Shipping Channel

The U.S. government ended Iran's permission to sell oil internationally on July 7, days after three cargo ships were hit in the Strait of Hormuz—a narrow waterway critical to global energy supplies. While no one confirmed who struck the ships, the U.S. treated it as reason to stop Iranian oil sales entirely. Oil prices and shipping costs may rise.