Iran struck commercial vessels, prompting the US to revoke a sanctions waiver on Iranian oil exports.

Iran struck at least three commercial vessels in the Strait of Hormuz on Tuesday, according to US and maritime officials. The attacks targeted a Saudi oil tanker and a Qatari liquefied natural gas carrier. The US has revoked a temporary sanctions waiver on Iranian oil exports in response.

Escalation and Retaliation

The US Central Command (CENTCOM) struck over 80 targets in Iran, including air defense systems, radars, and small boats used by the Islamic Revolutionary Guard Corps (IRGC). Iran then launched fresh missile strikes on Gulf nations, with air raid sirens and explosions reported in Bahrain and Kuwait.

International Reactions

China and Qatar called for an immediate de-escalation, while German Defense Minister Boris Pistorius urged Tehran to stop provoking Washington and cease attacks on vessels. US President Donald Trump said the memorandum of understanding (MOU) with Iran was now 'over'.

Strategic Importance of Hormuz

Iran is trying to maintain its control over the Strait of Hormuz, a narrow waterway that carried a fifth of the world's oil and gas exports from the Gulf to the rest of the world before the war. Iran has repeatedly used Hormuz as leverage in negotiations when diplomatic progress is stalled.

Economic Consequences

Iran has suffered $144 billion in economic damage from the war, plus billions more in lost oil sales during the blockade. The country's currency, the rial, has collapsed to record lows, and inflation has surged to over 88%. Iran has begun charging tolls of up to $2 million per ship for safe passage through Hormuz.