US-Iran Peace Talks Progress, Oil Prices React

Part of US-Iran Tensions & Diplomacy

The United States temporarily waived sanctions on Iran, allowing it to sell oil in US dollars for 60 days, leading to oil prices approaching pre-war levels of $68.00-$69.00 per barrel by June 25, 2026. This development followed a preliminary agreement electronically signed on June 15, enabling Iran to openly sell crude for the first time in decades. Conflicting reports initially caused choppy oil prices on June 23, but subsequent optimism over Persian Gulf supply recovery drove prices down. German business confidence and consumer sentiment stabilized and edged higher on hopes that Iran tensions would ease.