The US Military Resumes Strikes on Iraq and Imposes Oil Sanctions

BlockBeats News, July 8th, the US Central Command announced that US Central Command forces have initiated a series of powerful strikes against Iran in response to Iran's targeting and attacks on commercial shipping operated by civilian mariners in international waters. The US Central Command stated that the US strikes were in response to Iran's attacks on three ships passing through the Strait of Hormuz, and described Iran's aggression as "unprovoked, dangerous," and a "clear violation of the ceasefire agreement."

At the same time, the US revoked a license authorizing Iranian oil sales, with related wind-down transactions allowed to continue until July 17th at midnight Eastern Time. As a result, international oil prices surged. US Treasury Secretary Yellen had announced on June 22nd that as part of the US negotiations framework with Iran, the US Treasury Department issued a 60-day general license authorizing the production, delivery, and sale of Iranian oil. According to an announcement from the US Department of the Treasury's Office of Foreign Assets Control on that day, transactions involving Iranian crude oil, petrochemicals, and petroleum products that were previously prohibited by multiple US executive orders and regulations have been exempted, with the deadline extended until August 21, 2026.