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Oil prices fall as U.S.-Iran deal eases war risk, but Middle East tensions keep markets volatile.

Market News
22 Jun 2026
FXEmpire
View Source
Bearish
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Brent and WTI crude oil prices have dropped following progress in U.S.-Iran peace talks, which reduce the war risk premium in oil markets. Brent trades near $78.80 and WTI below $74.30, with key support zones at $72-$74 for Brent and $66-$74 for WTI. However, uncertainty around the Strait of Hormuz and the stability of the deal keeps prices volatile. A smooth flow of tankers could push prices lower, but any renewed tensions or delays in inspections by Iran could drive prices back up. The U.S. Strategic Petroleum Reserve is at its lowest since 1983, indicating tight supply conditions that may support prices if Middle East risks re-emerge.

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