Oil prices rise as U.S. cancels Iran's sales license and launches strikes amid Strait of Hormuz tensions

Oil prices surged after the U.S. canceled Iran's crude oil sales license and launched military strikes in response to suspected Iranian attacks on ships in the Strait of Hormuz. This escalation threatens the interim peace deal between Washington and Tehran and has led to increased geopolitical risks affecting oil markets. Despite the spike, prices remain near pre-conflict levels due to OPEC+ plans to raise oil output and the UAE's record production after leaving OPEC+. Saudi Arabia also cut prices to stay competitive, signaling a complex balance of supply and geopolitical tension ahead.