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Economy News

The Economic Times

Economy / The Economic Times

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Oil jumps 20% in July as US-Iran war escalates

Oil prices saw volatility last week but are set for significant monthly gains. Escalating United States-Iran tensions and Houthi attacks are impacting global energy markets. Saudi Arabia is forming an alliance to protect Red Sea navigation from militant blockades. Concerns also persist regarding supply disruptions in the Black Sea region. Energy markets are reacting to geopolitical events and drawing down United States stockpiles.

3 Aug 2026 6:30 am