NEW YORK / MENA Newswire / – Oil prices settled higher Tuesday, with Brent crude futures rising 3.01% to $74.16 a barrel. U.S. West Texas Intermediate crude gained 2.76% to $70.44 a barrel. Brent added $2.17 for the session. WTI rose $1.89. Trading later extended gains after the United States revoked a license tied to Iranian crude sales. The advance kept energy markets focused on Gulf supply routes. Brent is the main global crude benchmark, while WTI anchors U.S. oil pricing.
Both benchmark contracts rose during a session that also included official sanctions action and tanker reports. Brent closed above $74, while WTI settled above $70. Post-settlement trading pushed both contracts higher. Brent moved above $75, and WTI moved above $72. The settlement move gave crude markets a firmer close after recent trading tied to Gulf shipping flows. The market move followed official notices and vessel reports released Tuesday.
The U.S. Treasury took formal action on Iranian oil authorization July 7. Its Office of Foreign Assets Control revoked Iran-related General License X. It also issued General License X1. The change replaced a June 21 authorization. That earlier license covered the production, delivery, and sale of Iranian-origin crude oil, petroleum products, and petrochemical products. It had allowed those transactions through August 21. The new license set a wind-down process and superseded the prior authorization in full.
Sanctions action reshapes oil trade
The revised measure directly affected the rules covering Iranian oil sales. It followed a short period in which the earlier license had allowed sanctioned oil activity under defined terms. The July 7 action replaced that framework. It also replaced the prior sanctions permission with a wind-down structure. The measure coincided with tanker reports near the Strait of Hormuz. The waterway links Gulf loading terminals with open sea lanes. Its role in crude flows makes shipping reports closely watched.
Maritime security drew attention after UK Maritime Trade Operations reported another tanker incident in the Strait of Hormuz. The organization said an unknown uncrewed aerial vehicle struck a tanker transiting the waterway. It reported minor structural damage. It reported no casualties and no environmental impact. The vessel continued to its next port of call. The organization said it continued to investigate and advised vessels to transit with caution. The incident report listed the source as military authorities.
Hormuz traffic remains in focus
U.S. Central Command said U.S. forces completed strikes against Iranian targets on July 7 after attacks on commercial vessels in the Strait of Hormuz. The command named three ships: M/T Al Rekayyat, M/T Wedyan, and M/T Cyprus Prosperity. It said strikes hit air defense systems, command networks, coastal radar sites, anti-ship capabilities, and small boats near the strait. The statement tied the military action to commercial shipping security. It also placed the named vessels at the center of the incident record.
The Strait of Hormuz remains one of the world’s main energy routes. U.S. energy data show large volumes of crude oil, petroleum liquids, and liquefied natural gas move through the channel. Energy agencies classify the waterway as a major global chokepoint. The route sits between Oman and Iran and connects the Gulf with the Gulf of Oman. The final settlement figures came after confirmed price gains, official sanctions action, and reported maritime incidents. Brent ended at $74.16, while WTI closed at $70.44.