Iran Attacks Oil Tankers in Strait of Hormuz; US Revokes Sanctions Waiver, Oil Surges to $70

According to Yonhapinfomax, on July 8, Iran attacked oil tankers in the Strait of Hormuz, prompting the US to revoke sanction waivers on Iranian crude and petroleum product sales that were set to expire on August 21. The U.S. Central Command responded with airstrikes. Western Texas Intermediate crude futures rose to the $70 range from the $60s, while the dollar index climbed above 101.
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