Oil prices rise as investors continue to watch U.S.-Iran moves, Citi sees 'overhang' disappearing

Commercial vessels and oil tankers preparing to transit through the Strait of Hormuz, one of the most critical strategic waterways for global trade flows, maintain their wait in the Gulf of Oman, on June 17, 2026. Shady Alassar | Anadolu | Getty Images Oil rose slightly early Tuesday, fluctuating as investors show cautious optimism about an end to the conflict in the Middle East. International benchmark Brent crude futures for August gained 0.36% to $78.18 a barrel. U.S. West Texas Intermediate futures for August added 0.45% to $74.19 per barrel. Stock Chart Icon Stock chart icon Brent crude The price of the commodity fell overnight after the U.S. Treasury issued a 60-day license that authorizes the production, delivery and sale of oil from Iran. It allows the importation of Iranian crude to the U.S., and payment for the oil to be made in dollars. The license expires Aug. 21. However, there were concerns that Iran may use the profits from oil sales to rebuild its military. President Donald Trump was asked on Monday if he could ensure that such a scenario would not play out. "Well, they're not supposed to be doing that, so we'll see," Trump said at the White House during an executive order signing event. "They're supposed to use money to buy food for their people, because right now their people are very hungry, and they're buying it exclusively from us: corn, soybeans," he added. …