More than 100 oil tankers were stuck inside the Persian Gulf before the interim peace agreement was signed. (Andrea Campanu/Bloomberg via Getty Images)
| Update:
key takeaways:
- Oil prices fell as talks progress on a permanent end to the Iran war.
- High-level talks between the US and Iran concluded in Switzerland early on June 22, while lower-level technical talks are scheduled for the rest of the week.
- Meanwhile, while Iran said the Strait of Hormuz, a key waterway for oil and gas transportation, was closed again over the weekend, the US said traffic was continuing.
Trading remained mixed early on June 22 and oil prices edged lower on fresh optimism over progress in US-Iran talks.
S&P 500 futures retreated 0.1% before the opening bell, while Dow Jones Industrial Average futures were unchanged. Nasdaq futures rose 0.1%.
Oil prices fell as talks progress on ending the Iran war. Brent crude, the international benchmark, was down $1.55, or 2%, at $79.02 a barrel. Before the war started in late February it was around $70 a barrel.
The price of a barrel of US crude oil fell 74 cents to $75.11.
High-level talks between the US and Iran concluded in Switzerland early on June 22, while lower-level technical talks are scheduled for the rest of the week. Mediators Qatar and Pakistan said “encouraging progress” was made during the talks.
Meanwhile, while Iran said the Strait of Hormuz, a key waterway for oil and gas transportation, was closed again over the weekend, the US said traffic was continuing.
The rise of Hormuz remains delicate
Strait of Hormuz crossings increased rapidly during 19–21 June, with 71 confirmed transits and a weekend peak of 35 on 20 June, supported by blockade lifts and refurbished free-way signals. Commercial crossing recovered with AIS transponder on,… pic.twitter.com/2YnT6kTnU3
– Kepler (@Kpler) 22 June 2026
“Moving toward a more permanent deal will be challenging, with real risks of inflaming hostilities,” ING commodity strategists Warren Patterson and Eva Manthey wrote in a June 22 note.
Thomas Matthews, Asia Pacific market head at Capital Economics, believes energy flows across the strait are more likely to recover gradually. “With the contentious – and fragile – US-Iran peace process now underway, attention is turning to how quickly tankers return to the Strait of Hormuz to load energy supplies,” he wrote in a note.
Later this week, the government will release its May personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge. Other recent inflation data showed that prices in the US have risen significantly. With the labor market improving, many Fed observers have predicted a rate hike before the end of the year.
At midday in Europe, Britain’s FTSE 100 rose 0.5% after Keir Starmer announced he was stepping down as leader of the ruling Labor Party and will leave office within a few weeks. Germany’s DAX remained flat and France’s CAC 40 fell 0.4.%
In Asia, Tokyo’s Nikkei 225 jumped 1.6% and ended at another all-time record of 72,353.96, led by technology shares that were buoyed by enthusiasm over the global artificial intelligence boom.
Watch Live: My Statement. https://t.co/MX7ga3FRGq
– Keir Starmer (@Keir_Starmer) 22 June 2026
Japan’s SoftBank Group, a multinational investment holding company with a strong AI focus, rose 1.9%. Chip equipment maker Tokyo Electron was up 3.2%.
South Korea’s Kospi rose 0.7% to 9,114.55, helping AI-related shares close at a record high. Memory chip maker SK Hynix rose 5.6%.
The Nikkei 225 and Kospi were up more than 40% and 120%, respectively, over the past six months. Both benchmark indices have been setting new records in recent days on AI enthusiasm and positive developments from the Iran war.
“We are seeing another strong market today,” said Neil Newman, managing director and head of strategy at Astris Advisory Japan. He cautioned that from an investor perspective the Japanese market is “probably stretching a little bit,” “especially given what’s going on in the Middle East.”
Hong Kong’s Hang Seng fell 0.7% to 23,768.52, while the Shanghai Composite Index was up 1.8% at 4,163.10.
Australia’s S&P/ASX 200 was down 0.1% at 8,816.10.
Taiwan’s Taiex rose 2.8%. India’s Sensex was up 0.5%.
Associated Press senior producer Mayuko Ono in Tokyo contributed to this report.
