US strikes over 80 Iran targets, revokes oil waiver

The U.S. military completed a new round of retaliatory strikes against Iran on Tuesday, hitting more than 80 targets along Iran's southern coast after Tehran attacked three commercial vessels transiting the Strait of Hormuz, U.S. Central Command announced. The Trump administration simultaneously revoked a waiver permitting Iranian oil sales, jeopardizing the fragile peace deal between the two nations and sending crude prices higher.

The Strikes

CENTCOM said its forces struck Iranian air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 Islamic Revolutionary Guard Corps small boats in and near the strait "to degrade Iran's ability to continue attacking international commerce flowing through the international trade corridor".cnbc+1

The three vessels targeted by Iran were identified as the Marshall Islands-flagged M/T Al Rekayyat, the Saudi Arabia-flagged M/T Wedyan, and the Liberian-flagged M/T Cyprus Prosperity. CENTCOM described the attacks as "a clear and dangerous violation of the ceasefire" established under last month's memorandum of understanding between Washington and Tehran.centcom+1

Iranian state media reported explosions near Bandar Abbas, Qeshm Island, and the port of Sirik along Iran's southern coast. Al Jazeera Alphabet Inc. ↘ 0.35% reported that the strikes also targeted surface-to-air missiles and drone launch sites.kurdistan24+1

Sanctions Reimposed, Oil Prices Climb

Hours before the strikes, the Treasury Department revoked a license that had authorized the production, delivery, and sale of Iranian crude oil through August 21, according to USA Today. A U.S. official said the June memorandum signed by Trump and Iranian leaders is "entirely performance-based" and that Iran would only benefit if it followed its terms.usatoday

Oil prices rose on the news. West Texas Intermediate crude climbed above $74 a barrel, while Brent crude touched an intraday high of $74.09, according to Investor's Business Daily. Iran's Foreign Ministry condemned the sanctions revocation as a "clear infringement" of the memorandum.cnn+1

An Escalating Pattern

Tuesday's strikes mark the latest in a cycle of attacks and reprisals between the U.S. and Iran since the two sides agreed to a ceasefire aimed at restoring commercial shipping through the strait. On June 26, the U.S. struck Iranian missile and drone storage sites and coastal radar installations after an Iranian drone hit the cargo ship Ever Lovely. Iran and the U.S. subsequently agreed to halt attacks and renew talks on June 27.nytimes+2

CENTCOM warned that its forces "remain postured and prepared to hold Iran accountable when the agreement is not adhered to or obeyed".centcom