Texas oil drops to $73.63 after suspension of Iran sanctions

Texas Intermediate (WTI) crude oil prices experienced a slight decline, opening the trading day at $73.63 per barrel. This dip followed the United States' decision to suspend long-standing sanctions on Iranian oil sales for a period of two months.

As of 9:00 AM local time, July futures contracts for WTI, the U.S. benchmark crude, were down $0.23 from the previous day's close. The U.S. Department of the Treasury issued a 60-day license that permits the production, supply, and sale of oil originating from Iran. This measure also allows for the import of Iranian crude into the United States, with payments to be made in U.S. dollars.

President Donald Trump took to his social media platform, Truth Social, to comment on the developments. He highlighted a record flow of 19 million barrels of oil through the Strait of Hormuz, stating, "Oil prices are plummeting and the world is a much safer place!!!" Meanwhile, Vice President JD Vance remarked on "great progress" achieved during recent talks held in Switzerland.

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Yesterday 19 million barrels of oil flowed through the Strait of Hormuz, a historic RECORD. Oil prices are plummeting and the world is a much safer place!!!