Brent Drops Toward $78

2026-06-22 14:42 By Agna Gabriel 1 min. read

Brent crude oil extended losses to around $77.5 per barrel on Monday, hovering near its lowest level since early March, following reports that the US and Iran have agreed to a roadmap aimed at securing a final peace agreement within 60 days.

In addition, the US Treasury Department authorized the production, delivery and sale of Iranian oil and petroleum products for 60 days, boosting expectations of a faster supply recovery.

Shipping activity through the Strait of Hormuz has also increased.

Data showed millions of barrels still flowing through the chokepoint over the weekend.

Iran has increased visible oil shipments through Hormuz to the highest level since the conflict began and cut prices for cargoes sold to China.

Gulf producers are preparing to raise output, with Kuwait lifting force majeure notices and Abu Dhabi’s ADNOC resuming supply operations.

A full reopening of Hormuz could release about 80 million barrels into the market, adding pressure to prices as demand remains weak.



News Stream
Brent Drops Toward $78
Brent crude oil extended losses to around $77.5 per barrel on Monday, hovering near its lowest level since early March, following reports that the US and Iran have agreed to a roadmap aimed at securing a final peace agreement within 60 days. In addition, the US Treasury Department authorized the production, delivery and sale of Iranian oil and petroleum products for 60 days, boosting expectations of a faster supply recovery. Shipping activity through the Strait of Hormuz has also increased. Data showed millions of barrels still flowing through the chokepoint over the weekend. Iran has increased visible oil shipments through Hormuz to the highest level since the conflict began and cut prices for cargoes sold to China. Gulf producers are preparing to raise output, with Kuwait lifting force majeure notices and Abu Dhabi’s ADNOC resuming supply operations. A full reopening of Hormuz could release about 80 million barrels into the market, adding pressure to prices as demand remains weak.
2026-06-22
Brent Drops as Hormuz Flows and Iran Talks Improve
Brent crude oil fell to around $78.2 per barrel on Monday, hovering near its lowest level since early March as easing geopolitical tensions and progress in US-Iran negotiations supported expectations of a gradual recovery in Persian Gulf supply flows. Iranian Foreign Minister Abbas Araghchi said talks in Switzerland had made “major progress” toward stabilising the wider regional situation, despite earlier volatility and threats to suspend discussions. Mediators Qatar and Pakistan said both sides had agreed on a 60-day roadmap toward a potential final agreement, alongside ongoing technical discussions and the establishment of a monitoring mechanism. Also, shipping data indicated continued movement through the Strait of Hormuz over the weekend. Market participants also pointed to rising Iranian exports via the waterway, including discounted crude sales to China, as evidence of efforts to maintain market share despite the conflict.
2026-06-22
Brent Drops on Signs of Progress in US-Iran Talks
Brent slipped below $80 per barrel on Monday, giving up earlier gains as investors reacted positively to signs of progress in ongoing peace talks between the US and Iran. According to a joint statement from Qatar and Pakistan, which are facilitating negotiations in Switzerland, both sides have agreed to a roadmap aimed at securing a final agreement within 60 days. Oil prices started the session sharply higher after President Donald Trump threatened fresh strikes if Hezbollah continues attacking Israel and warned Tehran against closing the Strait of Hormuz again. Iranian media later reported that Tehran had suspended talks in response to Trump's remarks, though sources familiar with the negotiations said discussions were still underway. Meanwhile, millions of barrels of crude continued to pass through the Strait of Hormuz over the weekend, while producers across the Persian Gulf prepared to increase output.
2026-06-22