Terahertz Time-Domain Spectroscopy (THz-TDS) is used to investigate water and soot contaminations in oils, exhibiting different dilution modes. For synthetic polyglycol oils, the water is dissolved due to the polar behavior of the oil, whereas in non polar mineral oils the water-oil compound forms an emulsion. This behavior is modeled with an effective medium approximation (EMA) formalism. Small soot agglomerates are remaining in suspension when mineral oils are polluted with soot particles. In this case, the absorption spectrum is dominated by scattering effects. Due to the small particle size of the soot agglomerates compared to the THz wavelength, coherent scattering is the dominant process.