FX.co ★ Brent Drops Further

Brent crude oil fell below $77 per barrel on Tuesday, extending the previous session’s losses to reach its lowest level in nearly three months, amid early signs of progress in peace talks between the US and Iran. In a key development, Washington granted Tehran a 60-day license to sell oil on international markets, fueling expectations of a faster recovery in global supply. Shipping activity through the Strait of Hormuz has also increased, as producers such as Kuwait and the United Arab Emirates secure alternative export routes, while Iran has shipped more than 30 million barrels over the past week. At the same time, Iran’s nuclear program remains a central sticking point: US Vice President JD Vance said Tehran had agreed to admit nuclear inspectors, a claim that Iranian officials have publicly denied.