Nymex Overview: Crude Falls Further After U.S. Lifts Sanctions on Iran Oil Sales — OPIS

Crude contracts fell around $1 by midday Tuesday, weighed down by a lower risk premium in the petroleum market a day after the Trump administration allowed Iran to sell oil in dollars, including to U.S. buyers.

At 11:45 a.m. ET, August NYMEX West Texas Intermediate crude contracts were around $1 lower to $72.85/bbl and September WTI was down 80cts to $72.20/bbl.

London-based August ICE Brent was down by $1.05 to $76.85/bbl and September Brent was off about 90cts to $76.60/bbl.

Refined products were mixed, however. The more-active August NYMEX ULSD contract was up 1.95ct to $3.0765/gal and July ULSD was also 1.5cts higher to $3.108/gal. August RBOB was down 5.75cts to $2.822/gal and July RBOB was 7.35cts lower to $2.9135/gal.

A weaker U.S. stock market and a stronger dollar also appeared to dent investor appetite in petroleum futures.

The broad-based S&P 500 equity index was down more than 1% by midday. The U.S. dollar index was up about 0.3%, which makes dollar-denominated oil contracts more expensive for investors holding non U.S. currencies.

Darren Dohme, principal of The Fuel Hedge, said in a Tuesday note that WTI has nearly retraced its entire Iran war premium, with Monday's break below its 200-day average opening the path to a further decline to the $66.50/bbl area.

"Tanker flows are recovering, sanctions on Iranian oil are suspended, and the strong dollar adds pressure," Dohme said.

The Treasury Department on Monday waived longstanding sanctions on Iran's oil sales for two months while talks to reopen the Strait of Hormuz and address the issues of Tehran's nuclear program and further sanctions relief proceed.

In the spot market, Pacific Northwest gasoline prices fell almost 12cts following solidly weaker trades earlier, while most other cash products mirrored movements of NYMEX futures.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

Reporting by Frank Tang, ftang@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com

(END) Dow Jones Newswires

June 23, 2026 12:31 ET (16:31 GMT)