Oil falls 3%, Brent crude closes below $78
Oil drilling rigs
Oil prices fell at the close of trading today, June 22, as concerns about supply disruptions eased amid progressing talks between the US and Iran, along with continued shipping traffic through the Strait of Hormuz, boosting expectations of more crude returning to the markets.
Prices jumped to $82.30 a barrel earlier in the session after US President Donald Trump threatened to resume the war in response to Iran's announcement that it had closed the Strait of Hormuz again.
However, oil prices turned lower as the first round of negotiations between US and Iranian officials in Switzerland made some progress, according to US Vice President JD Vance, leading Washington to exempt Iranian crude from sanctions for 60 days.
|
Brent, WTI Futures Prices |
||||
|
Crude |
Price ($/bbl) |
Change ($) |
|
Change |
|
Brent (August delivery) |
77.90 |
(2.67) |
(3.31%) |
|
|
US WTI (July delivery) |
74.82 |
(1.78) |
(2.32%) |
|
*Settlement on June 22.
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