US cancels waiver allowing Iran oil sales as Gulf vessels attacked

US cancels waiver allowing Iran oil sales as Gulf vessels attacked Submitted by MEE staff on Tue, 07/07/2026 - 21:38 Qatar and Saudi Arabia said their vessels were attacked by Iran as they transited the Strait of Hormuz The 'Al-Yarmouk' oil tanker sails in the Arabian Gulf waters, off the coast of Kuwait City on June 27, 2026 (Yasser al-Zayyat/AFP) Off The Trump administration on Tuesday revoked a licence that temporarily lifted oil sanctions on Iran after several vessels came under attack in the Gulf, removing the main economic incentives that saw it agree to an end to the war in the Middle East. The Trump administration made the decision after Qatar and Saudi Arabia said their vessels came under attack from Iran. Brent, the international benchmark, jumped nearly five percent amid the rising tensions.