[International Oil Prices] Plunge More Than 3%... "Iranian Oil Exports Allowed Through August"

[Financial News]  

International oil prices fell more than 3% on the 22nd (local time).
The U.S. Department of the Treasury's decision to allow Iranian oil exports through August fueled the decline.
Brent Crude Oil for August delivery, the global benchmark, closed at $77.90 per barrel, down $2.67, or 3.31%, from the previous session.
WTI for July delivery, the U.S. benchmark, ended the session down $1.78, or 2.32%, at $87.36 per barrel.
Brent Crude Oil fell by a larger margin than WTI because it reflected the previous day's gains. WTI did not trade on the 19th because of Juneteenth, a U.S. federal holiday, while Brent Crude Oil had risen 0.9% that day.
The U.S. Department of the Treasury offered a temporary incentive by easing sanctions on Iranian crude oil exports.
It allowed Iranian oil sales for 60 days through August. Countries importing Iranian oil can pay in dollars through the U.S. payment system.
The Treasury's temporary suspension of sanctions on Iran came after U.S. Vice President JD Vance said earlier in the day that follow-up talks with Iran in Switzerland had made "tremendous progress."
CNBC reported, citing David Roche, founder and chief strategist at investment advisory firm Quantum Strategy, that oil supply in the Middle East had returned close to pre-war levels before the Iran war on Feb. 28.
However, Roche warned that this was due not to higher production but to increased stockpile releases, and that markets could become volatile again once those inventories run down.

dympna@fnnews.com Song Kyung-jae Reporter