June 23, 2026
Oil drops nearly 4% as US-Iran talks ease supply concerns
Oil prices fell nearly 4% on Monday after progress in US-Iran talks eased supply concerns. The US also authorised Iranian oil sales through August 21.
June 23, 2026
WASHINGTON: Oil prices fell sharply on Monday after signs of progress in US-Iran talks reduced immediate worries over crude supply and shipping through the Strait of Hormuz.
Brent crude was down $3.11, or 3.86%, at $77.46 a barrel by 1757 GMT. Earlier in the session, prices had climbed to $82.30 after US President Donald Trump threatened to restart the war on Iran and Tehran said it had again closed the strait.
Market sentiment later shifted after US Vice President JD Vance said progress had been made in negotiations with Iran and that the Strait of Hormuz was open. The change helped ease concerns that disruptions in the key shipping route could tighten global oil supplies.
The United States also authorised Iranian oil sales on Monday. A general license announced by the Treasury Department permits the sale of Iranian-origin crude oil as well as petrochemical and petroleum products through August 21.
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