The United States is revoking a broad license that had permitted the sale of Iranian oil, a U.S. official announced Tuesday, saying Iran’s actions in the Strait of Hormuz were “wholly unacceptable” and warning that the recent attacks on commercial tankers will carry consequences.

The decision follows a series of incidents in and around the strategically vital Strait of Hormuz, where three oil tankers were struck by unidentified projectiles over the past several days, according to the British military-linked United Kingdom Maritime Trade Operations (UKMTO). Tehran has not commented on the incidents, and no group has claimed responsibility.

Despite the latest violence, a U.S. official said American negotiators remain engaged in talks with Iran and continue to pursue a final agreement in good faith.

The attacks, however, along with Washington’s latest punitive action, threaten to undermine the already fragile diplomatic progress between the two countries, increasing the possibility that further escalation could derail ongoing negotiations.

Before the latest confrontation, the United States and Iran had been working toward a broader agreement that would place new limits on Tehran’s nuclear program while easing certain sanctions, including restrictions affecting Iranian oil exports.

The Strait of Hormuz, which separates Iran from Oman, is one of the world’s most strategically significant maritime corridors. Approximately one-fifth of the world’s oil supply, along with substantial shipments of liquefied natural gas, passes through the narrow waterway each day.

Any sustained disruption to shipping through the strait could send global energy prices sharply higher, placing additional financial strain on consumers and governments already grappling with elevated fuel costs.

Oil exports remain one of Iran’s most important economic assets, generating billions of dollars in hard-currency revenue that helps finance government operations and supports an economy that has endured years of American sanctions.

Although sanctions remain in place, Iran has succeeded in significantly increasing its oil exports in recent years, with China emerging as the primary buyer and providing Tehran with a vital economic lifeline.

A renewed American effort to further restrict those oil sales could intensify financial pressure on the Iranian regime, limiting its ability to fund domestic spending as well as its activities throughout the region.

{Matzav.com}