West Texas Intermediate crude dropped below $74 a barrel. This marks the lowest price level since early March.
The U.S. Treasury Department issued a temporary, 60-day waiver on sanctions against Iran's oil sector. This authorization allows the sale of Iranian crude and petroleum products through August 21, 2026. The move permits previously restricted transactions, including payments in U.S. dollars.
The relief follows progress in peace negotiations held in Switzerland. Both nations established a roadmap for a final deal to end recent conflict. The interim agreement also seeks to ensure safe passage for commercial vessels through the Strait of Hormuz.