US yanks Iran oil waiver after 3 tankers are hit near Hormuz
Why it matters: Brent settled up 3% and climbed above $76 after the move, as ship-threat warnings in the strait were raised to severe.
The United States revoked a sanctions waiver that had allowed Iranian oil sales after three tankers were attacked in or near the Strait of Hormuz on Tuesday, escalating pressure on Tehran just weeks after an interim deal to reopen the waterway. The Joint Maritime Information Center said a liquefied natural gas tanker, an oil supertanker and a third vessel were hit, and warned merchant ships that the threat level had risen to severe because hostile action by Iran was likely. One report identified the damaged vessels as a Qatari LNG carrier and a Saudi-flagged crude tanker off Oman. Oil prices jumped, with Brent settling at $74.16 a barrel before extending gains above $76 in post-settlement trading.