U.S. Re-imposes Total Iran Oil Sanctions Amid Massive Exchange of Military Strikes

The conflict between the United States and Iran escalated sharply over the last 24 hours as the Trump administration revoked all oil-sales waivers and reimposed total sanctions effective July 7. The move, which sent global oil prices climbing by 7%, was accompanied by a massive military exchange. U.S. Central Command confirmed strikes on over 80 Iranian targets, including air defense systems and over 60 IRGC small boats, in response to recent interference with commercial tankers in the Strait of Hormuz. In a direct counter-escalation, the Islamic Revolutionary Guard Corps (IRGC) claimed responsibility for striking 85 U.S. military installations across the Middle East. High-profile targets included the Fifth Naval Base in Bahrain and the Ali Al Salem Air Base in Kuwait. The IRGC further claimed to have shot down a U.S. MQ9 drone during the operation. Speaking from the NATO summit in Turkey, President Trump stated that previous diplomatic agreements are now void, calling further negotiations a 'waste of time.' The President signaled a shift toward a unilateral 'de-nuclearization' strategy, asserting that the U.S. would prevent Iran from obtaining a nuclear weapon through direct action if necessary. While official channels remain strained, some reports suggest U.S. negotiators may still be engaging in back-channel discussions to prevent a full-scale regional war.