U.S. oil prices fall below $74 a barrel on 60-day pause on Iranian oil sanctions

Dow Jones06-22 22:34

MW U.S. oil prices fall below $74 a barrel on 60-day pause on Iranian oil sanctions

By Isabel Wang

Oil prices fall on hopes that more Iranian crude will hit the global market as supplies near critically low levels

Treasury Secretary Scott Bessent on Monday said the U.S. has authorized Iranian oil sales through August.

Oil prices fell Monday morning, with the U.S. and international benchmarks on pace for their lowest levels since early March, after the Treasury Department waived sanctions on Iranian oil for 60 days as part of an interim agreement to end the conflict in the Middle East.

The most-active West Texas Intermediate contract for August delivery (CL.1) (CLQ26) was off 2.7%, at $73.82 a barrel, on pace for its lowest settlement level since March 2, the first trading day after the Iran war started on Feb. 28.

The U.S. benchmark has fallen for seven consecutive trading days and on Monday was headed for its longest losing streak since July 2025, according to Dow Jones Market Data.

The Brent crude contract for September delivery (BRN00) (BRNU26) was down 3.2% to $77.48 a barrel, also on track for its lowest level since March 2.

Oil traders reacted to encouraging signs that the world might avoid hitting a critically low level of crude supplies. That's mainly due to progress in peace talks between the U.S. and Iran, although traffic through the Strait of Hormuz was still far below preconflict levels.

Treasury Secretary Scott Bessent on Monday said the U.S. has authorized Iranian oil sales through August following "productive talks" between Tehran and Washington in Switzerland over the weekend, according to a post on X.

Also in a joint statement early on Monday, mediators Qatar and Pakistan said that the U.S. and Iran had agreed to "a roadmap towards reaching a final deal within 60 days."

-Isabel Wang

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

June 22, 2026 10:34 ET (14:34 GMT)

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U.S. oil prices fall below $74 a barrel on 60-day pause on Iranian oil sanctions

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