On July 7, 2026, oil prices increased by over 5 percent after the United States revoked its waiver on sanctions against Iranian oil. This decision followed strikes on three commercial vessels near the Strait of Hormuz. As of Tuesday evening, international Brent crude oil prices rose nearly 5.5 percent, reaching over $75 per barrel.
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Oil Prices Increase Over 5 Percent Following U.S. Revocation of Iran Sanctions Waiver
Oil prices rose by more than 5 percent on July 7, 2026, after the U.S. revoked its waiver on Iranian oil sanctions. This action was taken in response to recent strikes on commercial vessels in the Strait of Hormuz, with Brent crude oil prices exceeding $75 per barrel.
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Oil prices jump 5 percent after U.S. revokes Iran oil sanctions waiver
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Oil Prices Increase Over 5 Percent Following U.S. Revocation of Iran Sanctions Waiver