Brent Rises to $78.18 as U.S. Grants 60-Day License for Iranian Oil
Updated
Updated · CNBC · Jun 23
Brent Rises to $78.18 as U.S. Grants 60-Day License for Iranian Oil
3 articles · Updated · CNBC · Jun 23
Summary
Brent crude climbed 0.36% to $78.18 a barrel and WTI rose 0.45% to $74.19 early Tuesday, with trading choppy as investors bet Middle East tensions may ease.
A 60-day U.S. Treasury license helped cap gains after authorizing Iran's oil production, delivery and sales, including imports into the United States and dollar payments, through Aug. 21.
Switzerland talks also supported sentiment: Vice President JD Vance said there had been "great progress," while U.S. Central Command said the Strait of Hormuz had not been closed despite Iran's weekend claim.
Trump acknowledged concerns that Tehran could use oil revenue to rebuild its military, but market strategists said recent price action suggests traders increasingly expect the conflict's inflationary oil overhang to fade.
How will the U.S. ensure Iran's renewed oil profits are not used for military buildup?
Is Pakistan's role in the U.S.-Iran deal signaling a major power shift in the Middle East?
With a truce reached, can the world's energy supply recover from its 'most severe disruption in history'?
US 60-Day Iranian Oil License: Market Shock, Geopolitical Stakes, and the Road to Sanctions Relief
Overview
On June 22, 2026, the US Treasury’s OFAC issued a 60-day license allowing transactions involving Iranian oil, marking a major shift in US-Iran relations. This move is part of a broader memorandum of understanding that extends a cease-fire and opens the door for detailed talks on Iran’s nuclear program and possible sanctions relief. Iran, in return, agreed to keep the Strait of Hormuz open for transit. The announcement led to an immediate drop in oil prices as markets anticipated increased Iranian exports, highlighting the strong link between diplomatic progress and global energy markets.