BUSINESSMARKETWATCH
U.S. oil prices fall below $74 a barrel on 60-day pause on Iranian oil sanctions
U.S. oil prices fell below $74 a barrel due to a 60-day pause on Iranian oil sanctions. The drop was driven by hopes that increased Iranian crude supply will enter the global market as supplies approach critically low levels.
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Adjacent reporting
- U.S. crude oil falls below $100 per barrel after Trump says Iran talks in final stages
- U.S. oil falls below $89 on report Iran agreement would restore Hormuz traffic in one month
- Global oil prices break below $80 for the first time since the Iran war began. Ships still aren’t passing through Hormuz.
- Oil sinks below $80 a barrel as traders bet Hormuz flows will return
- Current price of oil as of June 15, 2026