US-Iran Continue Negotiations
June 22, 2026
There were several headlines throughout the weekend as the negotiations between the US and Iran continued. As Israeli continued some military action in Lebanon over the weekend, Iran threatened to end negotiations and President Trump warned of potential military actions against Iran. Tensions were eventually eased, and reports say progress is being made, which helped to calm energy markets. Iran has seen some positive signs as some US sanctions on oil have been waived, and it has gained access to some of its previously frozen funds.
When the tensions flared, Iran said it had closed the Strait of Hormuz again, but as tensions eased, the strait was open, and reports indicate that traffic is again moving in that area.
Gasoline prices were supported on the news that Exxon’s Baytown refinery experienced an upset. The refinery has 584,000 barrels per day of refining capacity on the Gulf Coast, one of the largest in the region. Prices were also supported by demand in Europe, which kept exports out of the US Gulf strong. Prices also are supported as the outlook for summer driving season demand remains strong despite higher prices.
Crude prices are trading lower here this morning as Iranian sources revealed there has been “major progress” in negotiations with the US. This good news is pressuring prices lower for now but as we have said this will be a long road so stay tuned.