The United States has eased sanctions on Iranian oil, causing international oil prices to drop significantly.

Due to the United States' announcement of temporarily lifting sanctions on Iranian oil and the easing of geopolitical tensions in the Middle East, international crude oil futures prices have significantly dropped.

Xinhua News Agency reported that the price of light crude oil for August delivery on the New York Mercantile Exchange dropped by 2.62% on Monday (June 22), closing at $73.86 per barrel; the price of Brent crude oil for August delivery on the London Mercantile Exchange fell by 3.3% and closed at $77.90 per barrel.

On the same day, US Treasury Secretary Bassent announced via social media that as part of the framework for US-Iran negotiations, the US Treasury Department has issued a 60-day general license, authorizing the production, delivery and sale of Iranian oil.

The market predicts that the oil stocks of the Middle Eastern oil-producing countries will flow into the international market through the Strait of Hormuz, thereby increasing the supply in the market in a short period of time.

On the 21st and 22nd, the United States and Iran held negotiations in the Biegen Mountain of Switzerland. US Vice President Pence said that the US-Iran negotiations have made significant progress, laying a very good foundation for reaching a final agreement. Iran has agreed to invite the International Atomic Energy Agency (IAEA) inspectors to return to Iran.

According to Reuters, Iranian Foreign Ministry Spokesperson Bagae said in an interview with the Islamic Republic News Agency (IRNA) that the Swiss Quartet talks did not conduct any negotiations on the nuclear issue, and Iran did not make any "new commitments". This divergence highlights the challenges that the United States and Iran still face in fulfilling the memorandum of understanding signed last week.