US-Iran Peace Talks Progress, Oil Prices React

The US government formally waived oil sanctions on Iran for two months on June 22, 2026, allowing Iran to openly sell crude oil in US dollars for the first time in decades, which immediately caused global oil prices to slide. This preliminary agreement, electronically signed on June 15, was part of ongoing US-Iran peace talks facilitated by Qatar and Pakistan. The U.S. Treasury Department's authorization of Iranian crude sales through August led to a 3.3% fall in oil prices on June 22. Despite this progress, conflicting reports and challenges, including Iran's increased hangings of dissidents, contributed to choppy oil prices on June 23.