June 24, 2026: Global oil prices fall to their lowest level since the US-Iran war began, as optimism grows that the US-Iran agreement will reopen the Strait of Hormuz. US Secretary of State Marco Rubio is in the Persian Gulf region, seeking to sell the US-Iran agreement to the UAE, Kuwait, and Bahrain, despite skepticism. Iran's nuclear program remains a key obstacle to achieving a long-term ceasefire deal, as Tehran rejects UN inspectors' access to its sites. The US administration requests $87.6 billion in supplemental funding, most for Iran war-related costs. The US-Iran negotiations are ongoing, with technical talks set to resume next week. Israel and Lebanon talks are also underway, aiming for a lasting peace and security. The Strait of Hormuz traffic has doubled, impacting oil prices. The US resumes operations at its embassy in Kuwait, which was closed due to the war. Iran's nuclear program and ballistic missile program are key issues in the negotiations. The US-Iran agreement faces challenges, including Israeli skepticism and the potential for Iran to leave negotiations over Israeli strikes in Lebanon. The US-Iran war has strained relations, with the Senate adopting a resolution demanding the removal of US forces from the conflict. The US-Iran negotiations and the broader geopolitical landscape are complex and dynamic, with ongoing implications for the region and global oil markets.
