Oil falls below $75 for the first time since March as Hormuz traffic begins to recover

U.S. crude prices fell 2.7% Monday to about $74 per barrel after Treasury Secretary Scott Bessent announced a 60-day waiver of sanctions on the purchase of Iranian oil.

It was the first time crude prices had broken below $75 since early March. International Brent crude prices fell 4% to about $77 per barrel, likewise a new low since the Iran conflict began. Both prices remain above their immediate prewar prices of $62 and $68 a barrel, respectively. NBC reported.

In a statement published on social media Monday, Bessent said Iran had “committed to free and open transit in the Strait of Hormuz.