US Reinstates Iranian Oil Sanctions as Military Strikes Disrupt Supply

Washington revoked Iranian oil export licenses on July 7, 2026, reinstating sanctions as military strikes escalate. This removes a crucial supply buffer just as shipping through the Strait of Hormuz—which moves roughly one-fifth of global seaborne crude—faces heightened risk. US crude jumped 2.5%. The sanctions reinstatement, not the strikes alone, drove most of the price move.