U.S. launches 'powerful strikes' against Iran, halts oil sales

"U.S. Central Command forces have begun launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway," the military wrote in a statement.

The U.S. blamed Iran for the attacks on three ships. Reports indicate the ships were from Qatar, Saudi Arabia and the United Arab Emirates. 

"Iran’s demonstrated aggression was unwarranted, dangerous, and a clear violation of the ceasefire," CENTCOM wrote. 

The U.S. Treasury Department also said the oil license would be revoked following the attacks on the three tankers. 

The newly revoked license sets forth a wind-down period for Iran's oil transactions with a deadline of July 17. The license, which originally had an Aug. 21 deadline, came as part of a deal to secure peace between the U.S. and Iran. 

Oil prices rose 5% following the Treasury Department's announcement. The national gas price average is $3.79, according to AAA. The average gas price did not see an immediate shift following the announcements.

The Strait of Hormuz, the waterway that carries about 20% of the world's oil and natural gas, has been blockaded by Iran for most of the duration of the conflict, which began with U.S. strikes into Iran on Feb. 28. 

The license was meant to aid in the recovery of global oil and gas prices after they shot up in the wake of the initial conflict. U.S. sanctions on the sale of Iranian oil have been in place since 1979.

Negotiators from both countries have discussed limits on Iran's nuclear program and the easing of sanctions on Iran. Easing Iranian oil sales also was included in the peace negotiations. 

President Donald Trump threatend on Monday to resume bombing campaigns in Iran if a peace deal is not reached. 

"We're either going to make a deal or we're going to finish the job," Trump told reporters in the Oval Office. "We can knock down their bridges in one hour, we can knock out their energy supply."

The U.S. launched retalitatory attacks against Iran on Friday and accused the country of violating the ceasefire with "unwanted aggression" in the Strait of Hormuz. 

"Iran’s dangerous behavior undermined freedom of navigation as commerce increasingly flows through the vital international trade corridor," U.S. Central Command wrote in a statement on Friday. 

The U.S. and Iran are set to meet on July 11 in Islamabad to discuss further peace talks as the two countries remain in a 60-day negotiating period to permanently end fighting. 

The strait has been a source of contention with Iran after it effectively closed the vital waterway following the coordinated strikes of America and Israel that began Feb. 28.

The Trump administration requested $87.6 billion from Congress to cover the costs of the conflict, including more than $70 billion for military expenses, according to a White House appropriations request.