On June 22, under the spotlight on Bitget market data, international crude oil prices experienced a notable downturn. WTI crude broke below the $74 per barrel mark, recording a daily decline of 4.22%, while Brent crude weakened in tandem, falling beneath $77 per barrel with a daily drop of 3.91%. The synchronized decline in the two benchmark crudes reflects the market's reassessment of supply prospects.
The key driver behind the price slide came from a geopolitical breakthrough. According to ongoing constructive talks in Switzerland, Iran has committed to ensuring free and open passage through the Strait of Hormuz and to allowing International Atomic Energy Agency (IAEA) inspectors into the country. As part of the framework agreement, the U.S. Treasury Department issued a 60-day temporary general license authorizing the production, delivery, and sale of Iranian oil. These steps have alleviated market concerns about potential disruptions to Hormuz Strait traffic and restrictions on Iranian crude supply, thus exerting short-term downward pressure on oil prices.