The July West Texas Intermediate contract dropped $1.52 to $75.08 per barrel by mid-morning, while the more actively traded August contract slid $1.87 to $73.98. Brent crude faced even steeper pressure, with August futures falling $2.69 to $77.88 after reaching a peak of $82.30 during the weekend. These figures mark a significant retreat from the highs hit Sunday, when fears regarding the closure of the Strait of Hormuz dominated trading.

Despite Iranian claims over the weekend that the waterway would be shuttered, ship traffic has continued unabated. Vice President JD Vance described Sunday’s meetings with Iranian negotiators as "very, very good," a sentiment bolstered by the U.S. decision to temporarily lift restrictions on Iranian oil sales. Meanwhile, refined products saw mixed movement: July RBOB futures fell 1.56 cents to $2.9793 per gallon, while ULSD futures remained largely flat, with the July contract dipping only 0.02 cents to $3.1271 per gallon.