Iran swiftly reversed course on reopening the Strait of Hormuz on Saturday, reimposing restrictions on the critical waterway after the US said it would not end its blockade of Iran-linked shipping. Iran’s joint military command said that “control of ...

Pakistan, July 8 -- The United States has reimposed restrictions on Iran's oil sales, accusing Tehran of targeting commercial vessels in the Strait of Hormuz. The US sanctions on Iran oil mark another escalation in tensions despite the recent memorandum of understanding between the two countries.

The US warned of consequences for Iran's actions, which threaten ongoing negotiations for a broader agreement. The Strait is crucial for global energy transport.

By Steve Holland and Jarrett Renshaw WASHINGTON, July 7 (Reuters) - The United States on Tuesday re-imposed sanctions on Iranian oil, as a U.S. official warned that Iran's attacks on vessels in the Strait of Hormuz were "wholly unacceptable" and would be met with consequences.

The United States has reimposed restrictions targeting Iranian oil exports, prompting sharp criticism from Tehran and raising fresh questions over the future of the US-Iran memorandum of understanding.

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The price of diesel, which is widely used in the trucking industry and affects shipping costs, was $4.77 per gallon on Wednesday, compared with $3.76 before the Iran war.