Oil prices are moving in a zigzag pattern as investors closely monitor the resumption of U.S.-Iran peace talks in Doha. With mixed signals emerging from both sides—Washington and Tehran—the outlook remains unclear, leaving the oil market without a definitive direction.
Brent and WTI Hold Ground Amid Volatility
On Tuesday, June 30, 2026, Brent crude stabilized above $73 per barrel, holding onto gains from the previous session despite a slight pullback today. Similarly, West Texas Intermediate (WTI) futures traded above $70 per barrel—roughly half a percentage point lower than Monday’s closing levels.
Strait of Hormuz Tensions Persist
Tehran has reaffirmed its intent to continue overseeing maritime traffic through the strategically vital Strait of Hormuz—even if Oman chooses not to participate. Under the current interim agreement, Iran has pledged not to impose transit fees for 60 days. However, it has left open the possibility of introducing such fees later—a proposal strongly opposed by the United States, European countries, and Gulf Arab states.
Against this backdrop—and following recent clashes that destroyed two vessels—shipping through the strait slowed over the weekend.
Sharp Monthly and Quarterly Declines Expected
Despite short-term fluctuations, Brent crude is on track for a nearly 20% decline this month and a drop of more than 23% over the quarter. These losses reflect growing expectations of increased oil flows from the Persian Gulf, driven by diplomatic progress and easing geopolitical tensions.