Brent crude prices fell approximately 1.55% in early European trading after the United States issued a 60-day license permitting Iran to sell oil on international markets.
The spot price for North Sea crude settled around $76.53 per barrel, reflecting a sharp repricing of geopolitical risk premiums that had been elevated due to tensions in the Strait of Hormuz.
The Oslo Stock Exchange opened with a slight decline, as energy sector stocks faced downward pressure from the softer benchmark.
The US decision to grant a temporary waiver rather than impose immediate sanctions signals a diplomatic pause, reducing the near-term threat of a significant supply disruption from Iranian exports.
This development marks a shift in the ongoing narrative surrounding Middle East energy flows.
While the license is temporary, it provides a window for diplomatic negotiations, allowing markets to digest the reduced probability of an immediate supply shock.