HOUSTON: Oil prices settled more than three per cent lower on Monday, as supply concerns eased after US Vice President JD Vance said progress has been made in talks with Iran and the Strait of Hormuz was open.

Brent crude settled down $2.67, or 3.31pc, at $77.90 a barrel. In early trading, prices had climbed to $82.30 because of threats by US President Donald Trump to restart the Iran war, and Tehran’s announcement that it had again closed the strait.

US West Texas Intermediate crude futures expired on Monday and settled at $74.82 a barrel, down $1.78 or 2.32pc. The more-active August contract lost $1.99 and settled at $73.86 a barrel.

Iran has resumed exports of its oil, which were blocked earlier this month due to the US naval blockade, UBS analyst Giovanni Staunovo said. “The ‘release’ of those barrels is additional supply for the market.”

Published in Dawn, June 23rd, 2026