Hope for the start of US-Iran talks/ Markets react, oil prices fell above $1 on Tuesday
Oil prices fell more than $1 on Tuesday, on expectations that peace talks between the US and Iran will take place this week and lead to more supply from the main producing region of the Middle East.
Brent crude futures fell $1.04 to $94.44 a barrel, while West Texas Intermediate (WTI) crude fell $1.66 to $87.95.
Investors are focusing on the possibility that talks this week will result in an extension of the existing ceasefire, or a final agreement, although the possibility of further conflict and disruptions to oil flows remains.
Iran is considering joining peace talks in Pakistan, following Islamabad's efforts to end the US blockade. The blockade has posed a major obstacle for Tehran in reviving peace efforts, with the current two-week ceasefire expiring this week.
Shipping activity through the Strait of Hormuz, a corridor for about a fifth of the world's oil supply, remains limited. If disruptions in the strait continue for another month, total losses could rise to about 1.3 billion barrels, with prices likely to approach $110 a barrel in the second quarter of 2026.
Kuwait declared force majeure on oil shipments due to the blockade of the strait. The higher prices caused by the closure of the strait have reduced oil demand by about 3% so far. Analysts expect full normalization to arrive by the end of 2026.
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