Expectations rise for Iranian crude oil to return to the market, oil prices stabilize

Golden Ten Data reported on June 23 that as the market weighs the early progress of peace talks over the war in Iran, including the United States allowing the sale of some Iranian crude oil, oil prices have stabilized as a result. The United States has issued a 60-day permit allowing Iran to sell some oil and oil products. Rebecca Babin, Managing Director and Senior Energy Trader at CIBC Private Wealth Management, stated, "The road to negotiations is still long; however, the market may anticipate an oversupply of crude oil even before it actually occurs, just as it previously expected a shortage before one truly happened. Oil prices often experience overshooting."