In a significant escalation of tensions in the Strait of Hormuz, the United States has revoked Iran's oil license, citing 'wholly unacceptable' attacks on ships in the area. Overnight, three tankers reported being struck by unknown projectiles in and near the Strait, the latest in a series of incidents that have raised concerns about the safety of navigation in the region. The US has warned that the attacks demonstrate a 'clear and unacceptable pattern of aggressive behavior' by Iran. The oil license revocation is a further escalation of the US's pressure campaign on Iran, which has been hit by crippling sanctions in recent months. This week, US Secretary of State Antony Blinken warned that the US would not tolerate 'unacceptable' behavior by Iran. The decision to revoke Iran's oil license is expected to have significant consequences for the country's economy. Iran's oil exports account for approximately 40% of its government revenue, and a significant reduction in exports could exacerbate the country's economic woes. The Strait of Hormuz is a critical waterway for global oil supplies, and any escalation of tensions in the region is likely to have far-reaching consequences for the global economy.