Brent crude dropped below $74 a barrel on Wednesday for the first time since the start of the Iran war in late February, as investors continued to price out the geopolitical risk premium that had driven energy markets higher during the conflict.

Brent crude drops over 5% to three-month lows near $82.84 as US-Iran MOU signals progress on reopening the Strait of Hormuz. Here's what it means for

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

Brent crude oil prices have dipped below $75 a barrel for the first time since the onset of the Middle East conflict. This unexpected decline occurred after a peace agreement…