Oil prices are declining as investors respond positively to signs of progress in U.S.–Iran peace talks. According to a joint statement by Qatar and Pakistan—the mediators facilitating negotiations in Switzerland—the United States and Iran have agreed on a 60-day roadmap aimed at reaching a final agreement. This development has contributed to a de-escalation in oil prices.
Brent and WTI Crude Retreat
Brent crude has fallen below $80 per barrel and is trading near $79 as of Monday, June 22, 2026—erasing earlier gains. Similarly, West Texas Intermediate (WTI) crude is slipping toward $75 per barrel, down from an earlier high of $78. The drop follows a sharp market rally triggered by former U.S. President Donald Trump’s renewed threats of military action against Hezbollah if it continues attacking Israel—and his warning to Tehran not to close the Strait of Hormuz again.
Uncertainty Amid Diplomatic Tensions
Iranian state media later reported that Tehran had suspended talks in response to Trump’s comments. However, sources close to the negotiations indicated that discussions remain ongoing.
Strait of Hormuz Remains Open
Millions of barrels of crude continued passing through the Strait of Hormuz over the weekend. Meanwhile, producers across the Persian Gulf are preparing to ramp up output.