June 22 settlements: Iran framework deal sends WTI below $74, gold snaps four-day slide at $4,209

Settlements as of 5:00 PM ET, June 22, 2026 — first full session after the Juneteenth holiday; CLN6 July WTI expired at the open; CLQ6 August is now the primary WTI contract

The Iran framework deal — formalized Sunday in Switzerland — landed on Monday's tape with full force. US Treasury's OFAC issued Iran General License X authorizing Iranian crude exports through August 21, Iran committed to open Hormuz transit and IAEA inspections, and the US agreed to release $12 billion in frozen assets. 1 2 The result: Brent's largest single-session drop since the Iran war began, WTI ending its July contract at expiry below $75, and gold breaking a four-day losing streak as the macro landscape briefly paused its tightening pressure.

Settlement table — June 22, 2026

Market	Contract	Settlement	vs. Jun 19	%
COMEX Gold	GCQ6 (Aug)	$4,209.30	+$36.40	+0.87%
NYMEX WTI (expired)	CLN6 (Jul)	$74.82	−$2.72	−3.51%
NYMEX WTI (primary)	CLQ6 (Aug)	$74.08	−$2.46	−3.21%
ICE Brent	BZN6 (Aug)	$77.90	−$2.67	−3.31%
CBOT Corn	ZCN6 (Jul)	411.50¢	−6.00¢	−1.44%
CBOT Soybeans	ZSN6 (Jul)	1,115.50¢	−6.50¢	−0.58%
COMEX Copper	HGN6 (Jul)	$6.3695	+$0.0325	+0.51%

Grain comparison vs. Jun 18 close (CBOT dark Jun 19 for Juneteenth). WTI "vs. Jun 19" for CLN6 uses Jun 19 final reference of $77.54; CLQ6 uses Jun 19 forward close of $76.54.

Macro	Jun 19	Jun 22	Δ
DXY	~100.74	101.00 (intraday high 101.08)	52-week high
10Y Treasury	4.488%	4.516%	+2.8 bp
CME Dec hike prob.	~51.7%	~50%	roughly flat

Oil: OFAC's license moves markets faster than diplomacy could

The selloff was orderly but relentless. WTI CLN6 — expiring today — printed its final settlement at $74.82, down $2.72 from Thursday's $77.54. 3 CLQ6, now the front-month, settled at $74.08, trading an intraday range of $73.24–$78.14 as traders absorbed the scope of what Treasury Secretary Scott Bessent posted to X Monday morning: "Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency inspectors into their country." 2

Brent BZN6 (August) settled at $77.90, down $2.67 from Thursday's $80.57 — its biggest single-day drop since the Iran conflict began. 4 The intraday range was $77.23–$82.30, meaning sellers controlled the session from open to close. 5

The price logic is straightforward: OFAC General License X is not conditional on a final peace deal — it authorizes the production, delivery, and sale of Iranian crude, petrochemicals, and petroleum products through August 21, 2026, including US dollar-denominated payments. 1 MarketWatch's Isabel Wang reported that US oil prices "fell below $74 a barrel after the U.S. announced a 60-day pause on Iranian oil sanctions." 6 Separately, MarketWatch's Claudia Assis described the agreement as setting up "a flood of oil" ready to hit energy markets. 5 TankerTrackers data cited by researchers showed Iran had already exported approximately 36 million barrels since June 15, with roughly equivalent volumes in floating storage. 7

Tankers and cargo vessels in the Gulf of Oman along the Strait of Hormuz transit route, June 16, 2026 — Vessels queue in the Gulf of Oman on June 16. Despite the framework deal, Windward tracked only 12 commercial transits on June 22 — down from 35 on Saturday — with 5 of 8 entering vessels running AIS-dark. 8

The supply-side rebalancing is real but the execution risk remains non-trivial. IRGC declared the Strait closed on June 20, citing Israeli actions in Lebanon; CENTCOM disputed the closure and claimed 55 merchant ships transited Saturday with 17+ million barrels. 9 Chubb (a major insurance and reinsurance group) CEO Evan Greenberg told reporters security is "from day to day, hour to hour" and that mines remain "the greatest uncertainty." 9 President Trump gave a conditional endorsement of the Bürgenstock outcome: "If Iran doesn't live up to their agreement, or if they're not behaving, I will do what I have to do." 10 VP JD Vance, who led the US delegation at the Lake Lucerne Summit, described the talks as laying "a very good foundation for a successful final deal." 10

The June 22 framework deal is the definitive supply narrative for this week, but the EIA data set underneath oil prices shows how tight the physical market still is: US commercial crude inventories stood at 418.2 million barrels as of the week ending June 12 — a 40-year low, reflecting an 8.3-million-barrel draw and a refinery utilization rate of 96.7%. 11 The next WPSR releases June 24. Oil has fallen roughly 34% from its war-high of $119 to the current $78 area; the Iran framework deal removes the geopolitical premium, but the inventory floor complicates a straight-line descent toward $65–$70.

One secondary energy story landed Sunday night: an explosion and fire at Qatar's Barzan gas supply facility within Ras Laffan Industrial City injured 54 workers and left 18 missing. 12 QatarEnergy confirmed workers were attempting to restart the terminal after an Iranian missile strike in March had forced a shutdown; the restart "sparked an explosion and fire." 12 Barzan processes approximately 1.4 billion standard cubic feet of sales gas per day — primarily for local power and desalination, not direct LNG export — which contained the immediate market impact, though the incident underscored how fragile the region's energy infrastructure restart remains.

QatarEnergy LNG production facilities at Ras Laffan Industrial City — gas flares visible against the haze — Ras Laffan Industrial City, Qatar (file photo). An explosion on June 21 during restart operations at the Barzan gas facility injured 54 and left 18 missing. 12

Gold: $4,200 support holds; four-day slide ends

GCQ6 (August) settled at $4,209.30, recovering $36.40 (+0.87%) from Thursday's $4,172.90 close after the June 19 rout broke through the 200-day EMA for the first time since March. 13 14 The intraday range was $4,151.40–$4,238.10 on volume of 173,330 contracts (125% of the 65-day average). Open interest: 264,654.

The bounce came with an important caveat: the session's recovery stopped well short of the 200-day EMA, which sits near $4,334. 15 TradingPedia's technical read had gold's RSI sitting at the lower end of the 30-zone with MACD still in negative territory, reading the day's gain as a correction rather than a reversal. 15 On a net basis from the June 18 reference price, GCQ6 is down about $37 across the two combined sessions — the +$36.40 Monday recovery only partially offsets the $55 June 19 drop. 13

The macro headwinds that triggered the four-day slide remain in place. DXY touched 101.08 intraday — a new 52-week high — before settling at 101.00. 16 The 10-year Treasury yield rose 5.6 basis points to 4.516%, and the 2-year yield climbed to its highest level since early 2025. 17 MarketWatch's Joseph Adinolfi observed that Treasury yields "climbed, shrugging off the drop in oil prices" — the bond market is pricing persistent inflation risk rather than oil-led disinflation. 18

Bank of America now projects three 25-basis-point hikes — September, October, and December 2026 — which would lift the fed funds rate from 3.50–3.75% to 4.25–4.50%. 19 The Fortune article quoted BofA noting that "the Fed was willing to look through the tariffs, but it is losing patience after the latest round of supply shocks." 19 The AP/Boston Herald framed Warsh's communications overhaul as a risk: "Quieter Fed could mean volatile markets, higher rates" — removing forward guidance leaves markets without a clear template for how the Fed responds to shocks, a dynamic that AP estimated could add roughly 0.25 percentage points to mortgage rates. 20

On the bank forecast side: Goldman Sachs cut its end-2026 gold target from $5,400 to $4,900 on June 19, citing no Fed cuts in 2026 and weak ETF demand. 21 JPMorgan trimmed its 2026 average forecast from $5,708 to $5,243 but held its year-end target at $6,000. 22 The GLD ETF (SPDR Gold Shares) posted roughly $1.9 billion in net outflows over the prior 21-day window through June 18, on pace for the first annual net outflow since 2023. 23

Grains: CBOT reopens bearish; weather still the boss

Pile of yellow corn kernels — CBOT corn ZCN6 settled at 411.50¢/bu on June 22 — its first full session since the Juneteenth holiday. 24

CBOT corn ZCN6 (July) reopened and immediately sold off, settling at 411.50¢/bu — down 6.00¢ (−1.44%) from the June 18 close of 417.50¢. 24 25 Near-month contracts fell 2.5–6 cents across the board; December ZCZ6 settled at $4.39½ (−4.5¢). Soybeans ZSN6 (July) settled at 1,115.50¢/bu, down 6.50¢ (−0.58%) from 1,122.00¢. 26 27

The bearish trifecta that defined Monday grain trade: favorable weather, steady crop ratings, and weak export inspections. The USDA Crop Progress report released Monday afternoon showed national corn at 68% good-to-excellent (unchanged week-over-week; down 2 percentage points from the year-ago level) and soybeans at 66% G/E (unchanged vs. both prior week and year-ago). 28 Illinois corn took a 6-point week-over-week hit — the largest of any major producing state — which DTN chief analyst Rhett Montgomery attributed to wind and hail damage. 28 Iowa held at 77% G/E.

Export inspections reinforced the bearish read. Corn inspections for the week came in at 1.454 million metric tons (57.25 million bushels) — down 11.87% week-over-week and 3.31% year-over-year, with Mexico (479,329 MT), Japan (299,364 MT), and South Korea (289,029 MT) the top destinations. 29 Soybean inspections were even weaker at 241,045 MT — down 54.8% year-over-year. 26 Barchart analyst Austin Schroeder noted that the combination of stable ratings, favorable weather forecasts, and soft inspection data removed any floor under prices.

The weather forward picture confirms the bearish lean. DTN agricultural meteorologist John Baranick wrote Monday: "A lot of the talk recently, and deservedly so, has been the widespread rainfall that has helped to reduce drought and keep soil moisture high across a lot of the Corn Belt. That has helped to keep crop conditions in general good order. But the frequency of flooding, especially around Missouri, and the higher instances of large tornadoes and hurricane-force winds should not go unnoticed." 30 NOAA's 7-day forecast showed limited precipitation for eastern Nebraska, Iowa, and northern Illinois/Indiana/Ohio — with 1–2 inches expected for the Dakotas to Kansas. 30 About 13% of Corn Belt acreage remains under D1–D3 drought conditions (moderate to extreme), concentrated in Missouri and adjacent areas. 31

Baranick flagged a pattern shift ahead: "We will see the start of a pattern change this weekend though, with higher temperatures and heat spreading through more of the country east of the Rockies for the start of July. How long that lasts will be important to follow for crop conditions going forward." 30 August is the critical growing month for soybeans; Barchart's Jim Wyckoff summarized the grain posture as "corn and soybean bulls are limping into the critical growing month of July." 32

On demand: the USDA confirmed 132,000 MT of new-crop soybean sales to China this week. 26 That added to last week's 504,000 MT across two flash-sale sessions (which broke a 127-day US soybean zero-purchase streak from China), but soybean meal's decline and soyoil's modest 67–146-point rally provided only partial offset. The 2025/26 cumulative soybean export pace of 36.848 million MT runs 19.3% below year-ago. 26 Corn's cumulative pace of 67.08 million MT runs 25.2% ahead of last year. 24 Sunday's severe weather system in Illinois and Indiana — tornadoes and heavy rain — may yet show up in next week's crop condition ratings, as the damage predated the June 21 survey cutoff. 28

Copper: +0.51% in range-bound trade; Cobre Panama path clearer

HGN6 (July) settled at $6.3695/lb, up $0.0325 (+0.51%) from Thursday's $6.3370 — the only major commodity on this list to end higher. 33 The intraday range ran $6.2820–$6.4035 on volume of 52,110 contracts (118% of the 65-day average). Copper is up 11.86% year-to-date and 30.35% over the trailing 12 months.

The structural story remains Cobre Panama (operated by First Quantum Minerals, a Canadian mining company). Panama's government released an independent environmental audit by SGS that found the mine 88% compliant with environmental standards — classified as "largely compliant" but short of "optimized." 34 Scotiabank's assessment is that the audit "supports the presidential recommendation to fully restart" with First Quantum retaining operations under renegotiated fiscal terms — higher tax and royalty rates plus a potential 5% direct Panama equity stake. 34 Panama Trade Minister Julio Molto said the restart decision "will be based on data, evidence and technical rigor." 34 Cobre Panama contributed roughly 5% of Panama's GDP before its closure; a restart would be the largest single copper mine reactivation in years.

What to watch next

Oil: Next EIA WPSR releases June 24 — first data capturing the period after the June 19 MOU. Any inventory build from Iranian crude arrivals would confirm the supply-demand rebalancing is underway. Watch CLQ6 $73.24 (Monday intraday low) as the near-term floor.
Gold: The 200-day EMA near $4,334 is the technical level that defines whether Monday's bounce extends or stalls. DXY and 10Y yields remain the proximate drivers; no Fed speakers are scheduled before June 25. 35
Grains: June 30 WASDE is the next major calendar event — StoneX flagged it as a potential pivot point for market direction. 26 The Baranick heat-pattern call for early July, combined with the transition to August's critical soybean growing window, means the weather tape remains the dominant variable.
Copper: Panama's president has the Cobre Panama audit in hand. A formal restart authorization — if it comes — would be the biggest supply-side copper catalyst of the year.
Lebanon/geopolitics: Iranian FM Araghchi called Lebanon the "first real test" of the framework deal. Lebanese ceasefire holding or breaking directly affects whether the Iran oil premium returns. SecState Rubio's Gulf tour (UAE, Kuwait, Bahrain, June 23–25) will signal how durable the regional coalition behind the deal is. 7

Cover image: VP JD Vance shakes hands with Pakistani Prime Minister Shehbaz Sharif and Qatari Prime Minister Mohammed bin Abdulrahman Al Thani at the Lake Lucerne Summit, Bürgenstock, Switzerland, June 22, 2026. 7