Oil Surges Above 76 Dollars Per Barrel as US Strikes Iran and Revokes Sanctions Waiver After Hormuz Vessel Attacks

Brent crude rose above $76 per barrel on Wednesday, up more than 3 percent and its highest level since June 23, while WTI settled at $73.52, up 4.4 percent 12. The moves followed US Central Command strikes on more than 80 Iranian targets, including air defenses, command networks and small boats, after three commercial vessels were attacked in or near the Strait of Hormuz on Tuesday, with US, Qatari and Saudi officials blaming Iran 23. The US Treasury Department separately revoked its 60-day waiver on Iranian oil sales late Tuesday, ordering transactions wound down by July 17 instead of the original August 21 deadline 14. Iran's Deputy Foreign Minister Kazem Gharibabadi called the waiver revocation a "blatant violation" of the June 17 memorandum of understanding, and President Trump said at the NATO summit in Ankara that he considered the ceasefire over before later adding he did not expect a return to full-scale war 12.