Oil futures rebound after Iran sanction waivers, Hormuz uncertainty
Key takeaways
- Oil futures rebound after Iran sanction waivers, Hormuz uncertainty Quartz · Patrick T.
- After touching a session low of $72.69 a barrel — a decline of 1.6% — West Texas Intermediate crude reversed course and was last seen gaining 0.5% to $74.21 a barrel.
- A ceiling near $76.10 a barrel — a level that spent much of the year acting as a floor before prices broke below it — now represents the first significant hurdle for any rally, he said.
Oil futures rebound after Iran sanction waivers, Hormuz uncertainty Quartz · Patrick T. Fallon / Getty Images Colleen Cabili Tue, June 23, 2026 at 10:08 PM GMT+7 2 min read Oil futures edged higher Tuesday after steep overnight losses, with chart indicators suggesting the market had become oversold and was due for a bounce, according to The Wall Street Journal.
After touching a session low of $72.69 a barrel — a decline of 1.6% — West Texas Intermediate crude reversed course and was last seen gaining 0.5% to $74.21 a barrel. The international benchmark, Brent crude, held a loss of 0.7% at $77.33 a barrel.
FOREX.com's Fawad Razaqzada pointed to the crude market's extended losing streak as a setup for a snapback, telling The Wall Street Journal that weeks of downward pressure had pushed momentum gauges into territory historically associated with near-term recoveries. A ceiling near $76.10 a barrel — a level that spent much of the year acting as a floor before prices broke below it — now represents the first significant hurdle for any rally, he said.