Middle East crisis live: Trump says memorandum of understanding with Iran is ‘over’ but talks can continue

Why This Matters

Key context: <p>Iranian foreign ministry said earlier US and Israeli attacks had rendered interim accord to end war “ineffective”</p><ul><li><p><a href="https://www.theguardian.com/world/2026/jul/07/qatar-says-iran-fully-responsible-after-tankers-struck-in-strait-of-hormuz">Full report: </a><a href="https://www.theguardian.com/world/2026/jul/08/iran-us-war-ceasefire-peace-agreement-strikes-strait-of-hormuz">Iran accuses US of violating peace agreement after strikes target sites around strait of Hormuz</a></p></li></ul><p><strong>The US revoked a temporary sanctions waiver for Iranian oil after three tankers were struck in the strait of Hormuz. The move came before fresh US strikes on Iran today.</strong></p><p>The US Treasury on Tuesday cancelled a licence that was announced in June that had allowed Iran to produce, sell and deliver crude oil and related products through 21 August.</p> <a href="https://www.theguardian.com/world/live/2026/jul/07/us-military-strikes-iran-war-latest-news-updates">Continue reading...</a> This development from The Guardian highlights ongoing changes in the sector.