Oil prices fell 3% to 3.5% in global markets Monday evening, following U.S. Treasury Secretary Scott Bessent's announcement that the United States will permit Iranian oil sales for 60 days, according to Lior Bacalu (N12). The drop extends a volatile period driven by US-Iran developments, including the recent peace deal and sanctions easing.
Oil prices fell 3% to 3.5% in global markets Monday evening, according to financial journalist Lior Bacalu (N12), after U.S. Treasury Secretary Scott Bessent announced that the United States will allow Iranian oil sales for a 60-day period. The announcement extends a series of US policy shifts regarding Iranian crude exports, reinforcing the direction set by the recent US-Iran peace deal.
The Zioneer has reported extensively on the oil-price volatility driven by US-Iran developments over the past two weeks. On June 16, oil prices crashed more than 5% on speculation that sanctions on Iranian crude would be eased, and later that evening prices crashed further after the US reportedly allowed immediate Iranian oil exports. The bearish trend has been consistent: Brent crude dropped to $83 per barrel on June 15, and the US crude benchmark fell 5% on June 9 as peace-deal hopes grew.
It remains unclear whether the 60-day window represents a temporary measure or a step toward a permanent sanctions easing. The specific terms of the permitted sales — including volume limits, buyers, and oversight mechanisms — have not yet been detailed by the Treasury Department. This announcement adds to the ongoing recalibration of the 'maximum pressure' policy that had previously driven Iranian oil exports down by 84% in May, as The Zioneer reported.
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