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US - Iran Meeting Ends Positively, Oil Prices Also Drop
Focus on Crude Oil:
US Energy Secretary predicts oil prices will continue to decline as traffic through the Strait of Hormuz has returned to normal.
Qatar and Pakistan mediators say talks between the US and Iran in Switzerland ended on a positive and constructive note
US - Iran Meeting Ends Positively, Oil Prices Also Drop
Focus on Crude Oil:
US Energy Secretary predicts oil prices will continue to decline as traffic through the Strait of Hormuz has returned to normal.
Qatar and Pakistan mediators say talks between the US and Iran in Switzerland ended on a positive and constructive note.
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Monday, June 22, 2026 - to start this morning's weekly opening, oil prices are observed to move bearish, pressured by sentiment after the US-Iran memorandum of understanding was agreed upon in a meeting mediated by Qatar and Pakistan on Sunday. However, the announcement of the Strait of Hormuz's closure and stern warnings from Hezbollah leaders could potentially be catalysts that push prices back to bullish.
US Energy Secretary Chris Wright on Sunday predicted that oil prices will continue to decline as oil traffic through the Strait of Hormuz has normalized. US Central Command reported that 55 merchant ships crossed the strait on Saturday, transporting over 17 million barrels of oil to the global market.
Adding to the downward pressure, talks between the US and Iran in Switzerland on Sunday ended on a positive and constructive note, said Qatar and Pakistan mediators. Additionally, the US and Iran agreed to set a roadmap toward a final agreement within 60 days, and formed a High-Level Committee to ensure the implementation of the US-Iran memorandum of understanding. Technical discussions will continue throughout the rest of the week in Switzerland, the mediators added.
Meanwhile, the number of ships passing through the Strait of Hormuz reportedly dropped sharply on Sunday after Tehran announced the closure of the route again in response to Israel's attack in Lebanon. A total of 12 ships crossed the strait on Sunday, down from 35 transits the previous day, according to analysis by maritime intelligence company Windward on Sunday.
Additional support came from Hezbollah leader Naim Qassem, who on Sunday stated opposition to an Israeli security zone in Lebanon, warning that the group would respond to any violations by Israel. Qassem's comments followed statements from Israeli officials claiming that Israeli forces are free to act without restrictions to eliminate threats in Lebanon despite a ceasefire agreement that took effect on Friday.
From a technical perspective, oil prices could encounter the nearest resistance level at $78 per barrel. However, if negative catalysts occur, prices could potentially fall to the nearest support level at $73 per barrel.