Due to the US announcing a temporary lifting of sanctions on Iranian oil and an easing of geopolitical tensions in the Middle East, international crude oil futures prices fell significantly on the 22nd.
On the New York Mercantile Exchange, the August delivery light crude futures price dropped by 2.62%, closing at $73.86 per barrel; the August delivery London Brent crude futures price fell by 3.3%, closing at $77.90 per barrel (about RM323).
On the 22nd, US Treasury Secretary Bensent announced via social media that, as part of the US-Iran negotiation framework, the US Treasury Department has issued a general license valid for 60 days, authorizing the production, delivery, and sale of Iranian oil.
The market expects that oil stocks from Middle Eastern producers will flow into the international market through the Strait of Hormuz, increasing market supply in the short term.