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WTI crude falls below $74 as Treasury waives Iran oil sanctions

The US Treasury Department issued a 60-day sanctions waiver allowing Iran to produce and sell petroleum. This move has pushed WTI crude prices below $74 to a three-month low. Iran is now seeking buyers in Asia, specifically China, as global supply expectations rise.

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What changed

US Treasury Secretary Scott Bessent announced a 60-day waiver on Iranian oil sales, causing prices to slide toward $71.

Live updates

  1. WTI Crude Drops Toward $71 After US Grants Iran Oil Sanctions Waiver

    The US Treasury Department issued a 60-day sanctions waiver allowing Iran to produce and sell petroleum. This move has pushed WTI crude prices below $74 to a three-month low. Iran is now seeking buyers in Asia, specifically China, as global supply expectations rise.

    What's confirmed:

    • The US Treasury Department authorized a 60-day sanctions waiver for the production, delivery, and sale of Iranian oil and petrochemicals.
    • The 60-day waiver is effective until August 21, 2026.
    • WTI crude prices fell below $74.
    • The US and Iran signed a memorandum of understanding last week.
    • Iran has reduced prices for oil cargoes sold to China.

    Still unconfirmed:

    • A full reopening of the Strait of Hormuz could release 80 million barrels into the market.
    • Oil has crashed below $70.
    • Kuwait is lifting force majeure notices and ADNOC is resuming supply operations.
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