Qatar and Saudi Arabia said their vessels were attacked by Iran as they transited the Strait of Hormuz

Oil prices rose on Tuesday following the U.S. government’s decision to cancel Iran’s license to sell crude and target it with air strikes.

The reported attacks threaten to unravel a memorandum of understanding signed less than three weeks ago.

US revokes Iran oil waivers after attacks in the Strait of Hormuz. WTI reaching $110 in July 2026 at 0.7% YES.