Bessent Waives Iranian Oil Sanctions for 60 Days as U.S. Crude Falls 2.7% to $74
Updated
Updated · NBC News · Jun 22
Bessent Waives Iranian Oil Sanctions for 60 Days as U.S. Crude Falls 2.7% to $74
3 articles · Updated · NBC News · Jun 22
Summary
$74 U.S. crude and $77 Brent marked fresh lows since early March and since the Iran conflict began after Treasury Secretary Scott Bessent announced a 60-day waiver on purchases of Iranian oil.
Bessent said Iran had committed to free and open transit in the Strait of Hormuz, reinforcing market optimism already building from weekend progress in U.S.-Iran talks.
23 daily vessel transits through the strait from Friday to Sunday showed traffic recovering from April's single-digit wartime lows, though still far below the prewar average of 130 ships a day.
That rebound remains fragile: Iran threatened again on Saturday to close the strait over Israeli attacks in Lebanon, and Kpler said many ships still used Iranian-designated routes or switched off transponders.
Other commodities also eased toward prewar levels, with Argus data showing urea prices down 50% from their April peak.
The Iran deal has cooled oil prices, but is the market truly prepared for a $180 barrel shock if the truce fails?
Will the Fed's war on inflation trigger a recession before the U.S.-Iran peace deal can stabilize the global economy?
As AI stocks fuel a market rally in Japan, are investors ignoring the hidden credit risks AI poses to the financial system?
"After the Guns Fall Silent: The 60-Day US-Iran Ceasefire, Strait of Hormuz Reopening, and the Precarious Path to Lasting Peace"
Overview
In June 2026, a ceasefire between the U.S. and Iran brought immediate relief to global markets after months of turmoil. The conflict began with U.S. and Israeli strikes against Iran in late February, leading Iran to close the Strait of Hormuz. This closure caused a daily shortfall of about 14 million barrels of crude oil, driving up energy prices and creating worldwide fuel shortages. Rising gas prices became a major political problem for President Trump, fueling public frustration ahead of the U.S. midterm elections. The ceasefire, based on a 60-day framework, now offers a temporary calm as both sides negotiate a lasting solution.