Why can’t the Saudis likewise shut off Iran’s oil any time they want?
Now that the sanctions are in place that former arrangement no longer keeps the peace. Iran wants in on the action and if they can't have it, they'll go after the Saudi's. They've been putting their ability to do so on display with not so subtle actions.
The US has two options here: 1) go to war with Iran. 2) find a way through diplomatic channels to make this go away. It looks like Bolton (aka. option #1) is out and Rouhani is meeting with Trump to discuss option #2.