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U.S.-Iran talks postponed; oil on pace for weekly decline

Oil prices are falling toward pre-war levels as supply increases and traffic in the Strait of Hormuz rises. Brent crude has fallen 42% from its April 30 peak of $126 per barrel. Conflicting signals regarding peace talks in Doha are causing market volatility.

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What changed

Prices have erased gains from the postponement of peace talks and are now hitting lows not seen since early March.

Live updates

  1. Brent Crude Drops Below $73 as US-Iran Talk Uncertainty Persists

    Oil prices are falling toward pre-war levels as supply increases and traffic in the Strait of Hormuz rises. Brent crude has fallen 42% from its April 30 peak of $126 per barrel. Conflicting signals regarding peace talks in Doha are causing market volatility.

    What's confirmed:

    • Brent crude has fallen below $73 a barrel for the first time since February 27, 2026.
    • Brent crude reached a high of $126 per barrel on April 30 and has since dropped 42%.
    • Traders are monitoring potential U.S.-Iran talks in Doha on Tuesday.

    Still unconfirmed:

    • Brent crude dropped nearly 2 to 76.5 US dollars a barrel during Tuesday morning trading.
    • Oil prices are facing a sharp monthly decline.
    confidence 90%

  2. Oil Prices Rebound After U.S.-Iran Peace Talks Postponed

    Global crude oil prices rose after the Swiss foreign ministry confirmed the postponement of peace talks between the U.S. and Iran. Despite this rebound, oil remains on track for a second straight weekly decline. Traders are reacting to signs of instability in the agreement to end the war.

    What's confirmed:

    • The Swiss foreign ministry confirmed the postponement of peace talks between the United States and Iran.
    • Oil is on track for a second straight weekly decline.

    Still unconfirmed:

    • Oil prices have rebounded above $80.
    • Signs of cracks in the agreement to end the war have given traders pause.
    confidence 90%

  3. U.S.-Iran Talks Postponed Amid Israeli Strikes in Lebanon

    Planned negotiations in Switzerland to finalize a peace deal between the U.S. and Iran have been postponed. JD Vance did not travel to the meeting following deadly Israeli strikes against Hezbollah. Oil prices are trending toward a weekly decline as tanker traffic returns to the Strait of Hormuz.

    What's confirmed:

    • U.S.-Iran talks in Switzerland were postponed.
    • The Strait of Hormuz is reopening to tanker traffic.
    • Oil prices are trending toward a weekly loss.
    • A preliminary memorandum to end more than three months of war was previously announced.

    Still unconfirmed:

    • The abrupt cancellation of nuclear talks raises questions about the durability of the agreement.
    • The U.S.-Iran agreement has been terminated.
    confidence 90%

  4. U.S.-Iran Talks Postponed as Oil Prices Face Weekly Decline

    Discussions between the U.S. and Iran have been delayed. Oil is currently trending toward a weekly loss. Asian markets are showing mixed reactions to diplomatic developments and Wall Street trends.

    Still unconfirmed:

    • U.S.-Iran talks have been postponed.
    • Oil is on pace for a weekly decline.
    • Asia stocks were set to rise due to a U.S.-Iran deal.
    • Asia markets fell as investors questioned the durability of a U.S.-Iran peace deal.
    • Japan and South Korea stocks set records.
    • The dollar received a boost from the Fed.
    confidence 50%