US Strikes Iran With 80+ Targets and Revokes Tehran’s Oil Lifeline

The US struck 80-plus targets across Iran on Tuesday night in its largest operation against Tehran since the February war began. Central Command said the four-hour wave hit air defenses, coastal radars, anti-ship missile sites, and more than 60 small boats used by Iran’s Revolutionary Guard in the Strait of Hormuz. The Treasury Department, acting on the same day, revoked the 60-day license that had let Iran sell oil on the open market for the first time in years.

The trigger was a string of Iranian attacks on three commercial vessels in the strait over 24 hours, including a Qatari LNG tanker that caught fire off the coast of Oman. Iranian President Masoud Pezeshkian was in Iraq for the funeral of slain Supreme Leader Ali Khamenei and returned after the strikes, while President Donald Trump sat down with NATO leaders in Turkiye. Iran’s top negotiator, Mohammad Bagher Ghalibaf, called the moves “major MoU violations.” The June 17 memorandum of understanding that suspended the wider war now stands as the line Iran is accused of stepping over.

What the US Hit, and Why Now

US Central Command opened its statement with a single sentence: it was launching “powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway.” The four-hour wave struck over 80 targets with precision munitions, the command said, framing the operation as a direct reply to attacks on merchant ships in the Strait of Hormuz. CENTCOM later posted that the strikes had “completed” and that US forces “remain postured and prepared to hold Iran accountable when the agreement is not adhered to or obeyed.”

The overnight strikes on 80-plus Iranian targets hit air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and the small IRGC boats that have run harassment operations through the strait. Local reporters in Tehran counted at least six explosions on Qeshm Island and seven near the port of Sirik, both close to the waterway. Iranian state media reported several people were injured by shrapnel at the Sirik commercial pier.

More than 60 IRGC small boats were in the target set, by CENTCOM’s count. The IRGC later said it had shot down a US MQ9 drone in southern Iran, a claim US Central Command did not confirm in its own statements. Local reports from Sirik and Qeshm had already placed the strikes’ impact in the same coastal strip. The strikes ended before dawn in the Gulf, about four hours after they began.

• Air defense systems
• Command and control networks
• Coastal radar sites
• Anti-ship missile capabilities
• More than 60 IRGC small boats in and near the strait

The Tanker Attacks That Triggered the Strike

The trigger for the operation was three commercial ships hit in or near the strait on Tuesday. The Qatari LNG tanker Al Rekayyat caught fire off the coast of Oman after being struck by an “unknown projectile,” the United Kingdom Maritime Trade Operations center said. A Saudi-flagged crude oil tanker was damaged when the IRGC fired missiles, Reuters reported, citing sources. A third vessel was hit but continued on its way. No one was injured on the other two ships, the UK maritime agency said.

Live coverage of the strikes from the Gulf noted that the US-led Joint Maritime Information Center raised its threat assessment for ships transiting the waterway to “severe” after the attacks. The dispute is over the route. Iran insists vessels use a northern corridor close to its coast; the US has been pushing a southern route under US Navy escort. Iran’s state television said the Qatari tanker was attacked “after ignoring warnings” but did not directly claim the assault.

The Oil Waiver Unravels in 20 Days

The Treasury Department issued its 60-day general license on June 22, less than three weeks before Tuesday’s revocation. The 60-day oil license revoked in 20 days had authorized the production, delivery, and sale of Iranian crude and related products through August 21. The license was the centerpiece of the June 17 memorandum’s economic terms.

A US official told Axios the Office of Foreign Assets Control acted because the MOU with Iran is “entirely performance-based.” The same official: “Iran will only reap benefits if they exhibit good behavior. Iran’s actions in the strait were wholly unacceptable to the United States and will be met with consequences.” The license had, for the first time in years, let Iran conduct oil sales openly on the international market in US dollars. Iran had long been suspected of selling sanctioned crude at a discount to China.

Iran’s chief negotiator, Mohammad Bagher Ghalibaf, called the reinstated oil sanctions a “major MoU violation” and pointed to the US strikes as a second one. Tehran’s foreign ministry said Iran was “diligently fulfilling its commitments” under the deal. The June memorandum had called for lifting the US naval blockade of Iran in exchange for Tehran reopening the strait, and required Iran to halt attacks on commercial shipping.

Iran’s “Crushing Response” and Where It Landed

Iran’s top joint military command, Khatam al-Anbiya Central Headquarters, said the country’s armed forces would deliver a “crushing response” to “US aggression and terrorist action.” The command added that Iran’s forces would “under no circumstances” allow foreign interference in the management of the Strait of Hormuz. The “only safe passage,” it said, runs through Iran-designated routes.

The era of bullying and extortion is over. It leads nowhere. We don’t fold.

The line came from Mohammad Bagher Ghalibaf, Iran’s chief negotiator and speaker of parliament, writing on X. The post landed a few hours before the IRGC announced its retaliation. Hours later, the IRGC said it had launched missiles and drones at 85 US military sites in Bahrain and Kuwait in a joint navy and air force operation.

The IRGC named Salman Port, headquarters of the US Fifth Fleet in Bahrain, and Ali Al Salem air base in Kuwait as targets. Iran’s army separately said a drone attack had targeted US forces at the Sheikh Isa air base in Bahrain. Sirens sounded twice in Bahrain in about two hours, the country’s interior ministry posted on X.

Kuwait’s military said its air defenses were responding to “hostile missile and drone threats” and warned that explosions might be heard during interceptions. The 24-hour exchange is the second sparring match this month; the late-June round also pulled in Bahrain and Kuwait. Iran has previously targeted US military sites in Kuwait, including Ali Al Salem, Camp Arifjan, and Camp Buehring. The full retaliation set underscores the scope of Iran’s response in the hours after the US strikes.

The Market Reads the Ceasefire Differently

Oil and yields jumped in Asian and early European trade on Wednesday. West Texas Intermediate futures for August delivery rose 3.07% to $72.61 a barrel, and the international benchmark Brent for September delivery rose 3.14% to $76.49 a barrel. Both benchmarks had dropped by more than 7% the prior week as traders grew optimistic over a possible agreement. The 10-year US Treasury yield was trading 2 basis points higher at 4.549%, a sign traders expect tighter monetary policy ahead.

The oil and Treasury move after the strikes also carried an inventory signal. The American Petroleum Institute reported that US crude stockpiles fell by 2.8 million barrels last week, the sixth consecutive weekly decline. Andrew Jackson, a strategist at Ortus Advisors, said the combined move raises the likelihood the Federal Reserve is forced into a more hawkish stance as the November US midterm elections approach. Official EIA data was due later on Thursday, delayed one day by the Memorial Day holiday. The Strait of Hormuz remains the key swing factor: a prolonged closure has pushed oil higher; an open corridor could send prices back below $70 a barrel.

Khamenei’s Funeral and the Ceasefire in Peril

Iranian state media reported explosions on Kharg Island, the five-mile strip that handles roughly 90% of Iran’s crude exports and which US officials have called “the nexus for all the Iranian oil supply.” More blasts were reported on Qeshm and in the southern port city of Sirik. The strikes came during the days-long funeral for Ayatollah Ali Khamenei, killed in the war’s first hours on February 28 at age 86.

Trump arrived in Turkiye for the NATO summit as the operation was underway. NATO Secretary-General Mark Rutte said on Wednesday that the US strikes were “absolutely necessary,” arguing the alliance had to “forcefully react” to Iran breaching the ceasefire. The summit was already expected to discuss security in the strait.

Trump, asked about a deal on Wednesday, said: “if it’s not a great deal, we’re not making it.” How the February war reached this fragile truce ran through a string of ceasefires, a US Navy blockade, and a Pakistani-brokered two-week halt before the June 17 memorandum. The Financial Times, cited by OilPrice.com, reported that Iranian ultra-hardliners are now openly attacking negotiators for considering compromises with Washington.

Frequently Asked Questions

Why did the US launch new strikes on Iran in July 2026?

Central Command framed the strikes as a direct reply to Iranian attacks on three commercial ships in the Strait of Hormuz on Tuesday, including a Qatari LNG tanker and a Saudi-flagged crude oil tanker. The command ended its statement by warning US forces “remain postured and prepared to hold Iran accountable.”

What targets did the US hit in the strikes?

CENTCOM’s own list of struck targets covers air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 small boats used by Iran’s Revolutionary Guard near the strait.

Why did the US revoke Iran’s oil sales license?

The Treasury license was issued on June 22 for 60 days, allowing Iran to sell crude and related products through August 21. OFAC revoked the license less than 20 days later, calling the MOU “performance-based” and citing Iran’s attacks on shipping as the reason.

How did Iran respond to the US strikes?

Iran’s joint military command promised a “crushing response” and said the country’s armed forces would “under no circumstances” allow foreign management of the strait. The IRGC said it struck 85 US sites in Bahrain and Kuwait; sirens sounded in both countries.

What did oil and financial markets do after the strikes?

WTI for August rose 3.07% to $72.61 a barrel. Brent for September rose 3.14% to $76.49 a barrel. The 10-year Treasury yield climbed 2 basis points to 4.549%, and the American Petroleum Institute reported US crude stockpiles fell by 2.8 million barrels the prior week, the sixth consecutive weekly decline.