US Revokes Iran Oil License, Launches 'Powerful' Strikes; Tehran Hits Bases in Bahrain and Kuwait

The United States has revoked a license allowing Iran to sell oil, and its military has launched what it calls a series of "powerful" attacks against Iran. This move comes after recent attacks on oil tankers in the Strait of Hormuz. The US Treasury said the license, granted in June, is now canceled. A transition period for oil transactions will last until July 17. The price of oil rose more than 5% after the announcement. The US Central Command stated the offensive is a response to Iranian attacks on three commercial ships in the Strait of Hormuz. It called the aggression "unjustified, dangerous, and a clear violation of the ceasefire." In an initial response, Iran's Revolutionary Guard said it attacked 85 military bases in Bahrain and Kuwait. State TV reported targets included the US Navy's Fifth Fleet base at Port Salman in Bahrain and the Ali Al Salem base in Kuwait. The Guard also claimed to have shot down an MQ-9 drone. NATO Secretary General Mark Rutte defended the US strikes as "absolutely necessary," saying Iran violated the ceasefire. The escalation threatens fragile diplomatic talks between Washington and Tehran. Both sides had been working on a broader agreement that would limit Iran's nuclear program in exchange for lifting sanctions, including oil export restrictions. The Strait of Hormuz is a critical waterway between Iran and Oman. About one-fifth of the world's oil and large amounts of liquefied natural gas pass through it daily. Any prolonged disruption could raise energy prices. Oil exports are a key source of income for Iran, providing billions of dollars to support its economy. Despite past US sanctions, Iran has increased shipments, mainly to China. New efforts to stop these exports could pressure Iran's finances.