Oil prices on pace for fourth straight weekly loss as Trump sees progress in U.S.-Iran talks
Analysts cut 2026 price forecasts as tanker traffic improves and Chinese refiners boost spot buying, easing concerns over supply disruptions.
- On Thursday, Brent crude and U.S. West Texas Intermediate futures fell 1.6% to roughly $71.8 and $68.4 a barrel, retreating to pre-war price levels as supply concerns eased.
- Indirect negotiations between U.S. and Iranian officials in Doha yielded "positive progress" regarding the Strait of Hormuz and frozen assets, helping unwind war-driven price spikes.
- Maritime traffic through the Strait of Hormuz reached 40 daily vessel transits on Tuesday, while OPEC+ prepares to raise output quotas by about 188,000 barrels per day in August.
- Swiss bank UBS strategist Matthew Carter noted markets hope current price levels mitigate the "risk of both an immediate inflation shock and aggressive central bank rate hikes," as analysts trim 2026 forecasts.
- Negotiators plan to reconvene after July 9 following funeral processions for Iran's late Supreme Leader Ayatollah Ali Khamenei, though analysts caution premature normalization assumptions.
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75 Articles
What caused the WTI recovery despite progress in US-Iran talks?
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $69.10 during the early European trading hours on Friday. The WTI price recovers some lost ground on a weaker US Dollar (USD) ahead of a long holiday weekend in the United States (US). The latest US employment data suggested a cooling labor market and prompted financial markets to dial back expectations for a near-term interest rate hike from the US Federal Reserve (Fe…
Oil prices fall to four-month low as Strait of Hormuz reopens amid US-Iran war ceasefire hopes
Oil prices have tumbled to their lowest point in four months as diplomatic progress between the US and Iran calms fears of supply disruptions in the Middle East.Brent crude dropped to $70.80 per barrel on Thursday morning, having closed the previous session at $70.67 (£52.89) following President Donald Trump's comments that negotiations in Qatar had gone well.The American benchmark West Texas Intermediate also weakened, falling to $67.60 (£50.59…
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Gas Prices Fall Ahead Of July Fourth Weekend As Oil Drops After U.S.-Iran Deal
The national average for regular gasoline fell to $3.84 per gallon Thursday, with most Americans paying under $4 as holiday travel begins. The post Gas Prices Fall Ahead Of July Fourth Weekend As Oil Drops After U.S.-Iran Deal first appeared on [your]NEWS.
The conflict in the Middle East began on February 28, 2026 with a joint attack by the United States and Israel against Iranian nuclear facilities. Iran responded by closing the Strait of Hormuz, firing the price of crude oil and leaving about 2,000 ships stranded. After 39 days of hostilities, a cease-fire came into force on April 8 mediated by Pakistan. Despite the truce, naval clashes in the Strait have not ceased at the hands of the two sides…
US-Iran talks conclude in Doha; outcome uncertain, Strait of Hormuz key issue
Indirect Iran-US talks in Doha focused on maritime traffic and frozen funds, with no clear progress on lasting peace. Future meetings follow Iran's.Iran nuclear program, US Iran talks, Strait of Hormuz security, Iran fund unfreezing, Middle East peace negotiations, Ayatollah Ali Khamenei funeral, Doha talks outcomes, maritime traffic control, Iran global oil trade, US President Trump Iran, Vice President JD Vance, Kazem Gharibabadi, Vandana Hari oil markets, German defense minister Boris Pistorius, Iran's control over strait
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