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Oil prices increase without Iran-Trump envoy talks

Oil prices increase without Iran-Trump envoy talks

Oil prices rise due to Iran not meeting with Trump's envoy in Qatar, increasing pressure on the temporary ceasefire in the Middle East. Brent crude increased by 0.69% to reach $73.45 per barrel, while U.S. West Texas Intermediate rose by 0.91% to $70.13. However, Brent recorded its largest quarterly loss since 2008, and U.S. oil inventories decreased by 6.1 million barrels. Expectations for oil prices in 2026 have also been revised downward amid a notable improvement in oil flow through the Strait of Hormuz.

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