This May Be Iran’s First Misstep – And Proof Leverage Isn’t Total
Brent and WTI futures extended declines on Tuesday morning as momentum continued toward an end to the US-Iran conflict. The latest signs of de-escalation include a U.S. waiver allowing some crude and fuel sales from Iran, while Tehran said $12 billion in frozen funds had been released as part of ongoing talks with U.S. negotiators. Both sides have signaled progress so far this week, further eroding the war premium in crude markets as traders begin to price in the flood of Iranian barrels hitting global markets, normalization of the Hormuz chokepoint, and a broader easing of geopolitical risk across the Persian Gulf. Strait of Hormuz, this morning. • 04:03 UTC: a cluster of commercial vessels holding convoy formation ahead of transit.• 06:45 UTC: the same vessels underway and crossing south of Larak. pic.twitter.com/F1Yj9e0l7Q — Windward (@WindwardAI) June 23, 2026 Brent fell to $77 a barrel after sliding 3.3% on Monday, while WTI traded around $73 a barrel. On the Hormuz front, ship traffic continued to normalize as an increasing number of tankers and cargo ships …







.jpg?ssl=1)