People walk through the Corniche district in Doha, Qatar, June 29, 2026. Media reports said U.S. and Iranian negotiators are scheduled to hold high-level talks in Doha.
Null Photo | Null Photo | Getty Images
Oil prices fluctuated on Tuesday as energy market participants watched the possibility of new talks between the United States and Iran in Qatar.
international benchmark brent crude oil Futures prices for August delivery were recently down 0.2% to $72.99 per barrel. The contract is about $19 lower, or 20% lower, than the May 29 close and is scheduled to expire in June. Brent crude oil futures September deliveryMeanwhile, the stock also fell 0.7% to $73.36.
us west texas intermediate Futures for August delivery were trading 1.3% lower at $69.80, on track to be down about $16, or 19%, from last month’s closing price.
The move comes as oil traders monitor the prospects for talks between the US and Iran in Doha.
US President Donald Trump said on Monday that talks between the two countries would take place on Tuesday in the Qatari capital, claiming via social media that Iran had “requested a meeting” following the exchange of attacks over the weekend.
An Iranian Foreign Ministry spokesperson reportedly denied on Monday that talks were planned in the coming days. It added that this week’s visit by an Iranian technical delegation to Qatar was unrelated to the visit of U.S. officials to the country.
US envoys Jared Kushner and Steve Witkoff arrived in Doha on Tuesday. A Qatari government spokesman said the two sides would not meet directly with Iran, but through an intermediary.
The mixed messages appear to highlight the fragility of the interim peace agreement reached by the United States and Iran earlier this month.
The two countries signed a 14-point memorandum of understanding on June 17 to suspend fighting that has severely disrupted global oil flows through the strategically important Strait of Hormuz.
The Strait of Hormuz, located in the Gulf between Oman and Iran, is recognized as one of the world’s most important energy chokepoints. This narrow waterway typically handles about 20% of the world’s oil shipments.
“The situation can change quickly.”
Energy analysts said they were surprised that the pace of oil market decline was much more aggressive than most expected.
“Price action in recent weeks reflects a market treating this temporary ceasefire between the US and Iran as a permanent agreement. This is clearly not the case and, as we have seen over the past four months, the situation can change quickly,” ING strategists said in a research note published Monday.
“It took a long time to agree to a temporary ceasefire. It would be very optimistic to reach a permanent agreement to address the nuclear issue within 60 days. Of course, there is always the possibility that the ceasefire could be extended, which would effectively make it possible,” they added.
