Oil dips below $75 as Iranian waiver tempers sanctions pressure

U.S. crude fell about 2.7% to around $74 a barrel, slipping below $75 for the first time since March after a 60-day sanctions waiver on Iranian oil was announced; Brent dropped to about $77 as traffic through the Strait of Hormuz begins to recover (weekend average ~23 transits, with 17 Sunday, 35 Saturday, 19 Friday), though volumes remain well below prewar levels. Markets also noted a retreat in other commodities, including a roughly 50% drop in urea prices, while signaling that tensions in the region could still drive volatility ahead.