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Oil Prices Drop After Iran Cleared to Sell Crude in Dollars

Global oil prices have dropped significantly following a US Treasury Department decision to allow Iran to sell crude oil in dollars. This move coincides with a peace framework that reopened the Strait of Hormuz and increased supply expectations. WTI and Brent crude have reached three-month lows as a result.

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What changed

The US issued a 60-day waiver for Iranian oil sales and a peace framework reopened the Strait of Hormuz.

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  1. Oil Prices Hit 3-Month Lows After US-Iran Sanctions Waiver

    Global oil prices have dropped significantly following a US Treasury Department decision to allow Iran to sell crude oil in dollars. This move coincides with a peace framework that reopened the Strait of Hormuz and increased supply expectations. WTI and Brent crude have reached three-month lows as a result.

    What's confirmed:

    • The US Treasury Department issued a 60-day waiver allowing Iran to sell crude oil in dollars.
    • WTI fell to approximately $73 and Brent fell to approximately $77, marking three-month lows.
    • The agreement includes Iranian commitments to IAEA inspections and free transit in the Strait of Hormuz.
    • Oil prices fell below $80 a barrel after the US cleared Iran to sell crude in dollars, including to American buyers.

    Still unconfirmed:

    • Mediators have flagged a roadmap to a final agreement between the US and Iran.
    confidence 95%