Oil prices experienced a significant drop, reaching a three-month low, following reports that the United States intends to ease sanctions on Iran, potentially allowing increased oil exports. This development fueled concerns about a potential global oil supply surplus. Consequently, the Australian Securities Exchange (ASX) is predicted to open lower, mirroring declines observed in Wall Street’s technology sector. Major US tech stocks suffered considerable losses, contributing to the negative market sentiment. The anticipated increase in Iranian oil supply is expected to alleviate some of the existing market tightness. Investors are reacting to the shifting geopolitical landscape and its potential impact on energy markets. Further developments are being closely monitored as the situation unfolds.