Why are oil prices soaring in the world market?

08 July, 2026, 06:00 pm

Last modified: 08 July, 2026, 06:00 pm

Why are oil prices soaring in the world market?

08 July, 2026, 06:00 pm

Last modified: 08 July, 2026, 06:00 pm

The United States has temporarily suspended Iran's oil sales to the world market. The Trump administration took the step after attacks on multiple oil tankers near the Gulf of Oman. The decision on July 7 sent crude oil prices up more than 5 percent in international markets, reaching their highest level since June 25.

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