Overview
- Mediators from Qatar and Pakistan said the United States and Iran agreed to a roadmap to reach a final pact within 60 days and to set measures to keep shipping through the Strait of Hormuz safe, a process announced on Monday, June 22.
- The U.S. Treasury issued a temporary general license valid until August 21 that authorizes production, sale and transport of Iranian crude and some petroleum products while broader sanctions remain in place.
- U.S. Vice President J.D. Vance said inspectors from the International Atomic Energy Agency will be allowed back into Iran and that the Strait of Hormuz 'is open', statements that officials say underpin verification steps in the roadmap.
- Markets moved quickly: Brent and WTI fell below roughly $80 and $75 a barrel respectively, several analysts including Goldman Sachs cut longer-term price forecasts, and some governments adjusted domestic fuel support in response to lower oil costs.
- Negotiators have formed a high-level supervisory committee to press technical talks, but public threats, delegation walkouts and ongoing regional fighting mean the fragile agreement can be reversed and markets remain sensitive to setbacks.