ASX:MPL 19 February 2026

June 23, 2026, 6:05 AM EDT. Brent crude oil prices fell below $78 per barrel on Tuesday, down 0.6% to $77.46, following the U.S. approval of a short-term waiver allowing broader sales of Iranian oil until August 21. This move, coupled with resumed tanker traffic through the Strait of Hormuz-a critical chokepoint for 20% of global oil and LNG supplies-alleviated immediate supply concerns. Two supertankers carrying about 4 million barrels of crude passed through the strait, indicating a potential easing of previous transport disruptions. However, risks remain as mine threats, damaged infrastructure, and geopolitical tensions continue to pose challenges. The U.S. and Iran agreed to a 60-day dialogue window to negotiate a lasting deal. Meanwhile, U.S. crude inventories are expected to show declines, with the Strategic Petroleum Reserve at its lowest since 1983.