WTI falls after U.S. grants 60-day license for Iranian oil

Oil prices fell after the U.S. Treasury issued a 60-day temporary general license authorizing the production, delivery, and sale of Iranian oil, with later reports saying Iran's oil and petrochemical exports also received an exemption. The move followed constructive talks in Switzerland, while Iran committed to keeping the Strait of Hormuz open and allowing IAEA inspectors into the country. As traders priced in the prospect of additional Iranian supply and lower geopolitical disruption risk, WTI crude dropped below $74 a barrel, down 4.22% intraday by June 22, and Brent fell below $77, down 3.91%. Separately, on Hyperliquid, a trader opened a 500,000 CL crude oil long position with 10x leverage worth $37.77 million using 4.24 million USDC as margin; the position was later showing a $1.33 million unrealized loss after the exemption-related news.