Oil Prices Decline Amid US-Iran Peace Talk Expectations
On Tuesday, oil prices fell as expectations for US-Iran peace talks eased supply disruption concerns. Brent crude futures decreased by 95 cents to $94.53 per barrel, while US West Texas Intermediate (WTI) crude dropped $1.54 to $88.07. This decline follows a significant rise on Monday, where Brent surged 5.6% and WTI climbed 6.9% due to tensions in the Strait of Hormuz. Despite ongoing disruptions, investors are hopeful for a ceasefire extension from talks in Pakistan this week. However, uncertainty remains regarding Iran's participation, with officials citing obstacles to negotiations. Analysts warn that continued supply risks could lead to losses of up to 1.3 billion barrels if talks fail, potentially pushing prices towards $110 per barrel by the second quarter of 2026. Kuwait has also declared force majeure on oil shipments due to the blockade.
Published 9 hours ago • 21 Apr 2026, 07:08 AM IST