Hopes for U.S.-Iran talks push oil prices lower
Oil prices have changed (Photo: REUTERS/Brendan McDermid)
Oil prices fell on June 30 as investors watched for possible talks between the United States and Iran in Doha against the backdrop of a tense temporary truce in the conflict, Reuters reported.
Brent crude futures for August delivery, which expire June 30, were down 0.9%, or 64 cents, at $72.51 a barrel in morning trading. That was about $20, or 22%, below the previous month’s closing level. The more actively traded September Brent contract fell 0.4%, or 31 cents, to $73.60 a barrel.
U.S. West Texas Intermediate crude for August delivery slipped 0.6%, or 39 cents, to $70.36 a barrel. Prices were about $17, or 19%, below the May 29 close.
“Investors are pricing in hopes of a positive outcome from the Doha talks, even though real normalisation of flows through the Strait of Hormuz is not yet visible," said Tim Waterer, chief market analyst at KCM Trade.
"The market is cautiously hopeful but still hedging its bets until we see more tangible signs of de-escalation.”
According to Iranian Deputy Foreign Minister Kazem Gharibabadi, Iranian and Omani experts will in the coming days begin talks on revising transit routes through the Strait of Hormuz. He also said Tehran would try to prevent ships from passing outside officially designated routes.
At the same time, Iranian Foreign Ministry spokesman Esmail Baghaei said no talks between Iran and the United States at any level were scheduled in the coming days.
“The meeting in Doha is going to be, perhaps important, perhaps not. We're going to find out,” President Donald Trump told reporters in the Oval Office.
The uncertainty over whether talks will take place underscored the fragility of the ceasefire arrangements reached on June 17, which disrupted global oil flows through the Strait of Hormuz.
Prices also came under additional pressure from concerns among some analysts about demand from China.
“We wait for more evidence of a rise in Chinese buying but cannot yet bet on a big return to the market from the world’s largest crude importer,” said Neil Crosby, head of research at Sparta Commodities.
Despite the worsening security situation, shipping data shows Middle Eastern producers continue to export oil and liquefied natural gas. That is happening despite new attacks on ships in the Strait of Hormuz and renewed military confrontation between the United States and Iran in recent days.
Last week, shipping activity in the region reached its highest level since the conflict began at the end of February.
Earlier it was reported that on June 18, 2026, U.S. President Donald Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding aimed at ending the Middle East conflict. Each signed the document separately, with Trump signing it in France.
That same day, Trump’s agreement with Iran moved oil prices.
On June 19, 2026, oil prices fell amid improved prospects for increased supplies after oil tankers began passing through the Strait of Hormuz, which reopened following the peace agreement between the United States and Iran.
On June 22, 2026, Brent crude prices moved lower after U.S.-Iran talks in Switzerland ended.
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