US-Iran Memorandum of Understanding Unravels After Treasury Revokes Oil License and US Strikes Iranian Assets (warontherocks.com)

• US Treasury revoked Iranian oil export license on July 7, 2026
• US conducted military strikes on Iranian naval and defensive assets
• Iran retaliated with drone and missile attacks in Qatar, Kuwait, and Bahrain

"The US revoked a 60-day general license for Iranian oil exports and conducted strikes on Iranian naval and defensive assets after a string of tanker attacks in the Strait of Hormuz. Iran retaliated with drone and missile attacks in Qatar, Kuwait, and Bahrain. Concurrently, Russia and Ukraine have intensified missile and drone strikes, including a deadly attack on Kyiv on July 2."