Oil prices jumped to their highest level since June 25 Tuesday, after the U.S. revoked a temporary sanctions waiver that had allowed for the sale of Iranian oil on the global market.

US says it has begun launching series of strikes on Iran in response to attacks on vessels in Strait of Hormuz

“The U.S. strikes are in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz,” the statement said.