Oil Prices Take Major Turn As Iran Ceasefire Reaches Inflection Point

oil prices surge above $76/barrel after the US revokes Iran’s general license to export oil in response to Iran striking three commercial vessels in the Strait of Hormuz. pic.twitter.com/zTH55IWNw4

— The Kobeissi Letter (@KobeissiLetter) July 7, 2026

U.S. markets also slipped after Trump declared the memorandum of understanding with Iran was over.

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