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Dimmed Oil After US Temporarily Lifts Iran Sanctions
Crude Oil Focus:
The U.S. Department of the Treasury announces the temporary lifting of sanctions against Iran, allowing the sale of Tehran oil until August 21.
Goldman Sachs says a surge in electric vehicle adoption 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 over the temporary lifting of U.S. sanctions against Iran, a ceasefire in Lebanon, and the latest pessimistic projections from Goldman Sachs.
On Monday, the U.S. 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 followed remarks from Vice President JD Vance, who said 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 is still largely ongoing, said a senior Lebanese official on Monday, marking the longest pause in the three-month war between Hezbollah and Israel. Even so, the official also said there are still concerns that the fighting could resume, making refugees reluctant to return home.
Also weighing on prices, Goldman Sachs said the acceleration of electric vehicle (EV) adoption following Hormuz-related oil supply shocks 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.
Meanwhile, Iran’s chief negotiator, Mohammad Bagher Ghalibaf, said the Strait of Hormuz would be managed by Tehran, where Iran and the U.S. agreed on Monday to establish communication channels to keep vital shipping lanes open and end the fighting in Lebanon, according to a report by government media on Tuesday.
From a technical perspective, oil prices could meet the nearest resistance level at $76 per barrel. However, if negative catalysts emerge, prices could fall to the nearest support level of $71 per barrel.