The U.S. Treasury has revoked a license that permitted Iran to sell oil on the open market, a move that immediately sent oil prices higher. This decision follows recent attacks on commercial vessels near the critical Strait of Hormuz.

The Treasury stated the license, initially set to expire on June 21, will cease to be effective, providing a grace period until July 17 for pre-authorized transactions. The sanctions reversal is a direct response to actions by the Islamic Revolutionary Guard Corps, which launched missiles and drones at ships in the strategic waterway.

This revocation significantly impacts Iran's economic lifeline, jeopardizing an interim peace deal and escalating tensions in a vital global shipping lane. Investors and energy traders are now assessing the potential for further supply disruptions and price volatility.