Oil prices fell more than 1% on Tuesday, June 23, 2026, on signs of some progress in restoring crude flows through the Strait of Hormuz following United States-Iran peace talks.
Brent crude futures fell $1.09, or 1.4%, to $76.81 a barrel, while U.S. West Texas Intermediate declined to $72.99 a barrel, down 87 cents, or 1.2%, as of 0607 GMT.
Prices fell more than 3% on Monday after the United States granted Iran a 60-day sanctions waiver following initial peace talks, and as officials reported a lull in hostilities in Lebanon under the broader agreement.
“The gradual increase in oil flows through the Strait of Hormuz continues to weigh on the market,” ING analysts said in a statement.
FG orders clampdown on cooking gas hoarding, diversion over price hike
Two crude tankers with just under 2 million barrels of oil sailed through the Strait of Hormuz on Monday, ship-tracking data showed, in a sign that traffic was picking up following weaker flows on Sunday due to concerns over passage through the waterway.
The price declines come after a weekend that had appeared to put the week-old accord in jeopardy, including threats from U.S. President Donald Trump to restart the war if Iran disrupted shipping through the Strait of Hormuz after Tehran declared the strategic waterway closed.
