U.S. oil prices settled below $74 a barrel Tuesday following news of a 60-day pause on sanctions targeting Iranian crude exports.
The decision raised expectations that more Iranian oil could reach global markets in the near term.
Traders responded by selling off crude contracts, pushing prices lower for the session.
The move comes as global oil supplies have tightened to near critically low levels in recent weeks.
Analysts noted the temporary pause could help ease some supply constraints, though the relief may be short-lived.
The development reflects ongoing geopolitical maneuvering around Iran’s energy exports.
Market participants will now watch for further policy shifts that could impact oil flows.
The 60-day window provides a limited opening for additional supply to enter the market.
