West Texas Intermediate for August delivery slid to $72.85 per barrel by 11:45 a.m. ET, while ICE Brent crude dropped $1.05 to $76.85. The easing of restrictions, which allows Iran to trade oil in dollars for a two-month window, coincides with ongoing diplomatic efforts to address Tehran’s nuclear program and reopen the Strait of Hormuz.

Broader macroeconomic headwinds exacerbated the decline. The S&P 500 fell more than 1%, and a 0.3% rise in the U.S. dollar index made dollar-denominated contracts less attractive to international buyers. Darren Dohme, principal of The Fuel Hedge, noted that WTI has effectively shed its Iran-related war premium. With the market breaking below its 200-day moving average, Dohme suggested that prices could face further downward pressure toward the $66.50 level as global tanker flows recover.

While crude struggled, refined products showed mixed results. August NYMEX ULSD rose slightly to $3.0765 per gallon, whereas August RBOB gasoline futures dropped 5.75 cents to $2.822. Spot market activity reflected this volatility, with Pacific Northwest gasoline prices tumbling nearly 12 cents following a series of weak trades.