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Oil Dips After US Temporarily Lifts Iran Sanctions
Focus on Crude Oil:
The US Department of the Treasury announces the temporary lifting of sanctions against Iran, allowing Tehran to sell oil until August 21.
Goldman Sachs sees a surge in electric vehicle adoption potentially reducing global oil demand by up to 320,000 bpd by the end of 2027.
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Tuesday, June 23, 2026 - Oil prices today are observed to move bearish, pressured by sentiment from the temporary lifting of US sanctions on Iran, a ceasefire in Lebanon, and the latest pessimistic outlook from Goldman Sachs.
The US Department of the Treasury announced on Monday the temporary lifting of sanctions against Iran, allowing Tehran to produce, sell, and ship crude oil and related products until August 21. The sanctions relief also applies to all related services, including banking transactions, insurance, and transportation. The Treasury Department’s decision follows a statement from Vice President JD Vance saying that Iran has agreed to allow nuclear inspectors to return as early as this week.
From the Middle East, the ceasefire that has been emerging since Saturday night mostly continues, said a senior Lebanese official on Monday, marking the longest pause in the three-month war between Hezbollah and Israel. However, the official also expressed concerns that the war could reignite, making refugees hesitant to return home.
Adding to the pressure on prices, Goldman Sachs said the acceleration of electric vehicle (EV) adoption following the supply shock related to Hormuz could reduce global oil demand by up to 320,000 bpd by December 2027. The world’s leading investment bank stated that global electric car sales increased by 3.4% or reached 26.1% in May — the second-highest level ever.
Meanwhile, Iran’s chief negotiator, Mohammad Bagher Ghalibaf, said that the Strait of Hormuz would be managed by Tehran, where Iran and the US agreed on Monday to establish communication channels to keep vital shipping lanes open and end the fighting in Lebanon, according to government media reports on Tuesday.
From a technical perspective, oil prices may encounter the nearest resistance at $76 per barrel. However, if negative catalysts appear, prices could fall to the nearest support at $71 per barrel.