The U.S. will reimpose sanctions on Iranian oil following the attacks in the Strait of Hormuz. Brent crude rises 5%

The U.S. Department of the Treasury is revoking the sanctions relief that had allowed Iran to export oil, an unnamed administration official told CNBC. The decision was made after several tankers were attacked in the Strait of Hormuz.

Following this announcement, oil prices jumped 5.5%. September futures for the benchmark Brent crude were trading above $75 per barrel.

This news story is being updated.

This article was AI-translated and verified by a human editor