Brent Falls to $77.45 as Hormuz Stays Open and Iran Oil License Fuels Peace Hopes
Updated
Updated · CNBC · Jun 23
Brent Falls to $77.45 as Hormuz Stays Open and Iran Oil License Fuels Peace Hopes
3 articles · Updated · CNBC · Jun 23
Summary
$77.45 Brent and $73.52 WTI marked a second-day pullback Tuesday as traders watched tanker traffic through the Strait of Hormuz and priced in a possible easing of the Iran conflict.
19 million barrels moved through Hormuz on Monday, Trump said, after weekend confusion in which Iran declared the strait closed but U.S. Central Command said shipping lanes remained open.
A 60-day U.S. Treasury license also authorized production, sale and dollar payments for Iranian oil — including imports to the U.S. — through Aug. 21, adding to expectations of looser supply constraints.
Vice President JD Vance cited "great progress" in Switzerland talks, and Citi said recent trading suggests markets increasingly expect the conflict to wind down, easing the inflation risk from energy prices.
Oman and Iran still stressed their sovereign rights in Hormuz on Tuesday, underscoring that geopolitical risk around the chokepoint has not fully disappeared.