The United States has revoked a general license that allowed the production, supply, and sale of Iranian oil, tightening sanctions following recent attacks on oil tankers in and around the Strait of Hormuz.

The US Treasury Department banned all new transactions involving Iranian oil effective July 7. Existing contracts may be completed until July 17, after which the authorization will expire, The Caspian Post reports via Reuters.

Washington described Tehran's actions in the Strait of Hormuz as unacceptable and warned of further consequences. At the same time, a US official said negotiators continue to work in good faith toward a final agreement with Iran despite the latest escalation.

The decision came after three oil tankers reported being struck by unidentified projectiles in recent days while transiting the Strait of Hormuz and nearby waters, raising concerns over regional security and global energy supplies.

Following news of the license revocation, global oil prices jumped by more than 3%, reflecting growing fears of disruptions to one of the world's most critical energy shipping routes.