##MyGateTradeStory

Oil Dimming After the US Temporarily Pulls Back Iran Sanctions
Crude Oil Focus:
The US Department of the Treasury announces the temporary removal of sanctions on Iran, allowing the sale of Tehran’s oil until August 21.
Goldman Sachs sees a surge in electric vehicles that could reduce global oil demand by up to 320,000 bph by the end of 2027.
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Tuesday, June 23, 2026 — Oil prices today are seen moving bearish, weighed down by sentiment tied to the temporary lifting of US sanctions against Iran, the ceasefire in Lebanon, and Goldman Sachs’s latest pessimistic outlook.
On Monday, the US Department of the Treasury announced 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 by Vice President JD Vance, who said 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 largely continues, said a senior Lebanese official on Monday—marking the longest pause in the three-month war between Hizbullah and Israel. Even so, the official also said there are still concerns the war could resume, making refugees reluctant to return.
Also pressuring prices, Goldman Sachs said the acceleration of electric vehicle (EV) adoption following oil-supply shocks related to Hormuz could reduce global oil demand by up to 320,000 bph by December 2027. The world’s leading investment bank said global electric car sales rose 3.4% or reached 26.1% in May—the second-highest level ever recorded.
Meanwhile, Iran’s chief negotiator, Mohammad Bagher Ghalibaf, said the Strait of Hormuz would be managed by Tehran, where Iran and the US agreed on Monday to build communication channels to keep vital shipping lanes open and end the fighting in Lebanon, according to a report from government media on Tuesday.
From a technical perspective, oil prices may face nearby resistance at the $76 per barrel level. However, if negative catalysts emerge, prices could fall to the nearest support level at $71 per barrel.