Oil drops on Iran crude hopes

Oil prices fell today, with Brent crude dropping below $80 per barrel—the lowest level since the escalation between the United States and Iran began in March. This comes amid expectations that Iranian oil will return to global markets by June 17, 2026. A senior U.S. official stated that Washington will waive Iranian oil from sanctions as part of a deal to end the war, which could add millions of barrels to the global supply. This occurred alongside declines in U.S. and Asian bond yields, as markets anticipate the Strait of Hormuz traffic returning to normal, though this is not expected to happen before the end of September.

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