Crude contracts fell around $1 by midday Tuesday, weighed down by a lower risk premium in the petroleum market a day after the Trump administration allowed Iran to sell oil in dollars, including to U.S. buyers.

Markets eye durable truce before unwinding geopolitical risk premium in crude

Brent crude futures rose 54 cents, or 0.67%, to $81.11 a barrel, after briefly touching $82.30 at the start of trading. U.S. West Texas Intermediate (WTI) crude futures gained…

September Brent oil futures were at $78.93, down by 1.40%, and August crude oil futures on WTI (West Texas Intermediate) were at $65.65, down by 0.26%

International benchmark Brent crude fell to $78.68 as of 7:06 a.m. EDT.

Treasury Secretary Scott Bessent issued a 60-day sanctions waiver for Iranian oil purchases.

Crude oil futures traded lower on Tuesday morning as the US and Iran continued their peace talks in Switzerland.

Crude contracts fell around $1 by midday Tuesday, weighed down by a lower risk premium in the petroleum market a day after the Trump administration allowed Iran to sell oil in…

Brent crude, the international benchmark for oil prices, was trading at $73.81 a barrel at 10:40 a.m. EDT, down 4.2% from Tuesday's close.

Crude contracts fell around $3/bbl around midday Wednesday, hit by expected higher global supply on indications that tanker traffic through the Strait of Hormuz is recovering.