A process for the upgrading of raw hydrocarbon streams by oxidation and/or inertization of sulfur, nitrogen, conjugated dienes and other unsaturated compounds from raw hydrocarbon streams rich in heteroatomic polar compounds and/or unsaturated moieties in the presence of a peroxide solution/organic acid couple and a pulverized raw iron oxide catalyst at atmospheric pressure, under equal or higher than ambient temperature, wherein the iron oxide catalyst comprises any of iron oxyhydroxide of formula FeOOH, hydrated iron oxyhydroxide of formula FeOOH. n H 2 O and crystalline forms such as α-FeOOH (Goethite), γ-FeOOH (Lepidocrocite), β-FeOOH (Akaganeite), and δ'-FeOOH (Ferroxyhite) and the raw hydrocarbon streams are raw naphtha streams having: (i) a boiling point range of from 30°C to 300°C; (ii) a sulfur content of from 7,000 ppm to 9,000 ppm; (iii) a basic nitrogen content of up to 2,000 ppm; (iv) a total nitrogen content of up to 3,000 ppm; (v) an olefin content of from 10 to 40 weight %; (vi) a total aromatic content of from 40 to 90 weight %; and (vii) a conjugated diene content of up to 3 mole/L; and further wherein said process comprises the following steps: a) oxidizing sulfur, nitrogen, conjugated dienes and unsaturated compounds present in said raw hydrocarbon streams by: (i) admixing, under agitation, said organic acid and said peroxide, the weight percent of the peroxide solution and organic acid based on raw hydrocarbon being at least 3 and 4 respectively; then (ii) adding said raw hydrocarbon stream containing sulfur, nitrogen, conjugated dienes and unsaturated compounds; dried raw iron oxide pulverized catalyst being added either after step (ii) or in the first place to the hydrocarbon stream, it being added in an amount of from 0.01 to 5.0 weight % based on the weight of raw hydrocarbon, at a pH between 1.0 and 6.0; the reaction being carried out under reflux of vaporized hydrocarbon, for a period of time required to effect extractive oxidation and to obtain a hydrocarbon stream wherein the sulfur, nitrogen, conjugated dienes and unsaturated compounds have been partially oxidized and from which they have been simultaneously extracted by aqueous oxidant slurry, yielding a lower aqueous slurry phase and an upper oxidized hydrocarbon phase; b) after the end of said extractive oxidation, separating the upper hydrocarbon phase, neutralizing and washing the same with water, filtering and drying; c) recovering the resulting treated, odourless, clear yellowish and stable hydrocarbon phase wherefrom the total nitrogen compounds have been removed up to 90% by weight, basic nitrogen compounds have been removed up to 99.7% by weight, conjugated diene compounds have been removed up to 22% by weight, and sulfur compounds have been removed up to 13% by weight, followed by olefin removal ranging from 4% to 16% by weight, all percentages being based on the original feedstock content. (i) a boiling point range of from 30°C to 300°C; (ii) a sulfur content of from 7,000 ppm to 9,000 ppm; (iii) a basic nitrogen content of up to 2,000 ppm; (iv) a total nitrogen content of up to 3,000 ppm; (v) an olefin content of from 10 to 40 weight %; (vi) a total aromatic content of from 40 to 90 weight %; and (vii) a conjugated diene content of up to 3 mole/L; a) oxidizing sulfur, nitrogen, conjugated dienes and unsaturated compounds present in said raw hydrocarbon streams by: (i) admixing, under agitation, said organic acid and said peroxide, the weight percent of the peroxide solution and organic acid based on raw hydrocarbon being at least 3 and 4 respectively; then (ii) adding said raw hydrocarbon stream containing sulfur, nitrogen, conjugated dienes and unsaturated compounds; dried raw iron oxide pulverized catalyst being added either after step (ii) or in the first place to the hydrocarbon stream, it being added in an amount of from 0.01 to 5.0 weight % based on the weight of raw hydrocarbon, at a pH between 1.0 and 6.0; the reaction being carried out under reflux of vaporized hydrocarbon, for a period of time required to effect extractive oxidation and to obtain a hydrocarbon stream wherein the sulfur, nitrogen, conjugated dienes and unsaturated compounds have been partially oxidized and from which they have been simultaneously extracted by aqueous oxidant slurry, yielding a lower aqueous slurry phase and an upper oxidized hydrocarbon phase; (i) admixing, under agitation, said organic acid and said peroxide, the weight percent of the peroxide solution and organic acid based on raw hydrocarbon being at least 3 and 4 respectively; then (ii) adding said raw hydrocarbon stream containing sulfur, nitrogen, conjugated dienes and unsaturated compounds; dried raw iron oxide pulverized catalyst being added either after step (ii) or in the first place to the hydrocarbon stream, it being added in an amount of from 0.01 to 5.0 weight % based on the weight of raw hydrocarbon, at a pH between 1.0 and 6.0; b) after the end of said extractive oxidation, separating the upper hydrocarbon phase, neutralizing and washing the same with water, filtering and drying; c) recovering the resulting treated, odourless, clear yellowish and stable hydrocarbon phase wherefrom the total nitrogen compounds have been removed up to 90% by weight, basic nitrogen compounds have been removed up to 99.7% by weight, conjugated diene compounds have been removed up to 22% by weight, and sulfur compounds have been removed up to 13% by weight, followed by olefin removal ranging from 4% to 16% by weight, all percentages being based on the original feedstock content.