Oil prices drop below $75 after U.S. grants 60-day waiver on Iranian oil sanctions
By
Rob Wile
Summary
U.S. crude oil prices fell 2.7% to about $74 per barrel, breaking below $75 for the first time since March, following Treasury Secretary Scott Bessent's announcement of a 60-day waiver of sanctions on Iranian oil purchases. International Brent crude also dropped 4% to about $77 per barrel. Both remain above prewar prices of $62 and $68 respectively. Kpler data showed Strait of Hormuz crossings declining from 35 on Saturday to 17 on Sunday.
Source
bskyOil prices drop below $75 after U.S. grants 60-day waiver on Iranian oil sanctionsnbcnews.toKey quotes
· 5 pulledU.S. crude prices fell 2.7% Monday to about $74 per barrel, after Treasury Secretary Scott Bessent announced a 60-day waiver of sanctions on the purchase of Iranian oil.
It was the first time crude prices had broken below $75 since early March.
International Brent crude prices fell 4% to about $77 per barrel, likewise a new low since the Iran conflict began.
Both prices remain above their immediate prewar prices of $62 and $68 a barrel, respectively.
Kpler data from the Strait of Hormuz showed 17 crossings on Sunday, down from 35 on Saturday and 19 on Friday.
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