India, July 8 -- The Donald Trump administration on Tuesday revoked, with immediate effect, an oil sanctions waiver that allowed the purchase of Iranian energy without attracting US sanctions, following fresh American military strikes on Iran over attacks on commercial vessels in the Strait of Hormuz and weeks after both countries agreed to a ceasefire under a Memorandum of Understanding (MoU).

The US Treasury announced the decision on the same day that the United States military resumed strikes on Iran, saying the action was intended to punish Tehran for attacking three commercial vessels transiting the Strait of Hormuz.

The development comes only weeks after Washington and Tehran announced an MoU to halt hostilities following their mo...