Crude Oil Nosedives On U.S.-Iran Peace Deal, U.S. Permission For Iran Oil Sale

Crude oil nosedived after news of a U.S.–Iran peace framework and expectations that Iran will resume oil sales. WTI for July delivery fell to $75.85 a barrel, down $4.90, or 6.07%, as markets priced in increased supply once the pact is signed. The preliminary agreement envisions a 60‑day ceasefire, reopening the Strait of Hormuz, and removal of Iran‑planted mines to ensure safe transit for energy shipments; Washington would also lift the naval blockade on Iranian ports. A signing ceremony was expected at Burgenstock Resort in central Switzerland on Friday, with Trump and Iran’s Kazem Gharibabadi citing progress.