The Treasury Department confirmed that the temporary license allowing Iran to sell oil has been revoked, signaling a return to open hostility. This escalation creates immediate anxiety for the shipping industry, which had only recently begun to navigate the Persian Gulf with renewed confidence. Analysts at ANZ Research noted that the disruption reintroduces significant risk premiums, as maritime operators remain hesitant to commit vessels to the region following the breakdown of safe-passage agreements.
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Oil Prices Surge After U.S. Strikes Iranian Targets
One-fifth of the world’s oil supply is once again under threat as the U.S. launched airstrikes against Iranian coastal sites on Tuesday. The military action, a direct response to missile and drone attacks on vessels near the Strait of Hormuz, effectively nullified the fragile June 17 peace memorandum between the two nations.
Energy markets reacted sharply to the instability. West Texas Intermediate crude futures climbed 2.4% to $72.10 a barrel, while Brent crude rose 2.2% to $75.80 a barrel. The volatility rippled into broader Asian equity markets, which struggled to find direction following a downturn on Wall Street. While Japan's Nikkei 225 fell 0.3% and Australia's S&P/ASX 200 dropped 1.1%, the Kospi in South Korea managed a 0.6% gain, partially recovering from a brief slide into bear territory earlier in the week.
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