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US Iran Oil License Sends Crude Lower as Supply Returns

2026-06-23 21:14:08

The US Treasury issued a 60-day oil license allowing Iranian crude sales, and Brent fell more than 3% to about $77. The license authorizes oil, petrochemical, and petroleum sales through August 21. The move ends four months of war that choked the Strait of Hormuz. Iranian exports fell from over 1.5 million barrels a day before the April blockade to roughly 260,000 by May.

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