U.S. launches military strikes on Iran and reimposes oil sanctions after Strait of Hormuz ship attacks

On July 7, 2026, the United States launched powerful airstrikes targeting over 80 military sites in southern Iran, including air defenses and drone launch sites. The strikes retaliated for attacks on three commercial vessels in the Strait of Hormuz, including Saudi and Qatari tankers. Simultaneously, the U.S. revoked a sanctions waiver on Iranian oil, forcing transactions to wind down by July 17, 2026, and causing global oil prices to surge by nearly 6%. Both nations accuse each other of violating their June 2026 memorandum of understanding.

US airstrikes on Iranian targets

• ▪The United States military strikes targeted Iranian air defense systems, coastal surveillance systems, surface-to-air missiles, antiship cruise missiles, drone launch sites, and port facilities
• ▪The United States military launched a series of airstrikes against several targets in southern Iran on July 7, 2026
• ▪The airstrikes caused explosions in the southern port city of Sirik, Qeshm Island, and areas near Bandar Abbas, injuring several people at the Sirik commercial pier
• ▪The United States Central Command completed the strikes within approximately four hours, targeting over 80 precision-munition targets

Strait of Hormuz ship attacks

• ▪Three commercial vessels transiting the Strait of Hormuz, including a Saudi-flagged oil tanker and a Qatari liquefied natural gas carrier, were recently attacked
• ▪The Saudi-flagged crude oil tanker was damaged in the Strait of Hormuz when the Islamic Revolutionary Guard Corps fired missiles
• ▪The Qatari liquefied natural gas carrier caught fire off the coast of Oman after being struck by an unknown projectile on July 6, 2026

US Iran oil sanctions reimposition

• ▪Global oil prices rose by nearly 6% following the revocation of the Iranian oil sanctions waiver, with Brent crude reaching nearly $76 a barrel
• ▪The United States Department of the Treasury revoked a sanctions waiver on July 7, 2026, that had allowed the sale of Iranian oil on the global market
• ▪The revocation of the oil sanctions waiver requires companies to wind down any in-progress transactions by July 17, 2026

Iran-US memorandum violations

• ▪The United States Central Command stated that the Iranian ship attacks were a clear violation of the ceasefire established under the memorandum of understanding
• ▪The United States and Iran signed a memorandum of understanding in June 2026 to end the war, establish a ceasefire, and reopen the Strait of Hormuz
• ▪Iranian Deputy Foreign Minister Kazem Gharibabadi stated that the United States' revocation of the oil sanctions waiver and subsequent military strikes violated the Islamabad Memorandum of Understanding

Iranian official responses

• ▪Iranian military leaders vowed a crushing response to the United States airstrikes and stated they would not allow foreign interference in the Strait of Hormuz
• ▪Iran's Ministry of Foreign Affairs stated it held the United States government responsible for the consequences of breaching the memorandum of understanding

US official responses

• ▪United States President Donald Trump previously warned on June 27, 2026, that further ceasefire violations could force the United States to militarily eliminate the Islamic Republic of Iran
• ▪A United States official stated that the military strikes were a direct result of acts of international terrorism perpetrated by Iran on commercial ships