Oil Prices Fall 4% as US-Iran Talks Ease Supply Risks Maritime Activity Reports, Inc. June 22, 2026 © Adobe Stock/AKACHA Oil prices fell 4% on Monday after U.S. Vice President JD Vance said progress has been made in talks with Iran and that the Strait of Hormuz was open, easing supply concerns. Brent crude was down $3.18 or 3.95%, at $77.39 a barrel by 11:44 a.m. ET (1544 GMT) Prices had climbed to $82.30 at the start of trading because of threats from U.S. President Donald Trump to restart the war on Iran, as well as an announcement from Tehran that it had again closed the Strait of Hormuz. U.S. West Texas Intermediate crude futures were at $74.45 a barrel, down $2.15, ahead of the contract's expiry later on Monday. The more-active August contract lost $2.49, or 3.28%, to $73.36 a barrel. High-ranking U.S. and Iranian officials wrapped up their first round of talks in Switzerland on Monday, mediators said. The discussions began on Sunday under the terms of a memorandum of understanding reached last week to extend a tenuous ceasefire from April for at least another 60 days. The U.S. authorized Iranian oil sales on Monday. The general license, announced by the Treasury Department, allows the sale of crude oil and petrochemical and petroleum products of Iranian origin through August 21. Meanwhile, Tehran did not negotiate on its nuclear programme and did not accept any new commitments in Sunday's talks with the U.S. in Switzerland, Foreign Ministry spokesperson Esmaeil Baghaei told the official IRNA news agency. SUPPLY RECOVERY REMAINS CHALLENGING Iran has resumed exports of its oil, which were blocked earlier this month due to the U.S. naval blockade, UBS analyst Giovanni Staunovo said. "The 'release' of those barrels is additional supply for the market," he added. Two crude tankers with just under 2 million barrels of oil sailed through the Strait of Hormuz on Monday, ship tracking data showed, in a sign that traffic was picking up following weaker flows on Sunday d