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2h ago

U.S. 60‑Day Iran Oil License Reopens Hormuz Flows and Clips Crude Prices

Washington’s temporary waiver is cutting the wartime premium on crude and has raised political and regulatory pressure because retail gasoline is falling more slowly.

A pedestrian walks by gas prices displayed at Mobil and Chevron gas stations on June 22, 2026 in Los Angeles, California. California gas prices have begun to decline following a U.S.-Iran agreement that helped ease concerns over global oil supplies, though analysts warn the relief may be short-lived due to refinery constraints, lingering supply disruptions and the state’s higher fuel costs.
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Overview

  • The Treasury published a 60‑day General License on June 22 that authorizes sales and deliveries of Iranian crude through August 21, allowing barrels and previously stranded tankers to re‑enter mainstream markets.
  • Ship‑tracking and U.N. shipping agency data show tanker movements through the Strait of Hormuz have risen and several previously stranded supertankers have begun transits, easing short‑term shipping risk but leaving logistical frictions in place.
  • Global benchmarks fell sharply as markets priced the return of Iranian supply, pushing Brent and WTI to roughly four‑month lows and prompting analysts to cut near‑term price forecasts.
  • U.S. retail gasoline has declined more slowly than crude and currently averages about $3.90–$3.93 per gallon, a gap that prompted President Trump to say he instructed the DOJ to 'immediately start looking into' alleged pump‑price gouging.
  • Separately, reporters say the DOJ and the CFTC are probing several suspicious, highly profitable trades made during the crisis, an inquiry that could expose information asymmetries in energy trading and affect market oversight.