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macroJul 7, 2026, 7:20 PM

Oil surges above $76 after US revokes Iran export license

Brent crude oil prices jumped above $76/barrel following the U.S. decision to revoke Iran's general license for oil exports, in response to Iran striking three commercial vessels in the Strait of Hormuz.

BRENT

Brent crude oil prices surged past $76 per barrel on Monday after the United States revoked Iran's general license to export oil, escalating tensions in the Middle East.

The move came in response to Iran striking three commercial vessels in the strategic Strait of Hormuz, a key chokepoint for global oil shipments. The revocation tightens sanctions on Iranian oil exports, reducing supply expectations and pushing prices higher.

Source: The Kobeissi Letter