Oil Prices

10 stories

Politics
Gulf diplomacy
US and Iran end Doha round without deal on Strait of Hormuz as oil slides to four-month low
The United States and Iran concluded two days of indirect, Qatari- and Pakistani-mediated talks in Doha on 2 July without resolving control of the Strait of Hormuz, the chokepoint for about a quarter of seaborne oil. The round focused on maritime traffic and unfreezing Iranian funds under June's Islamabad Memorandum. Oil fell to four-month lows, and the next round awaits the six-day funeral of Ayatollah Ali Khamenei, as his son and successor Mojtaba Khamenei consolidates power.
By Camille Reuter2 days ago
Politics
Iran
Iran opens six-day state funeral for Khamenei as his unseen successor faces first test
Iran began six days of funeral ceremonies for Ali Khamenei on 3 July, four months after the supreme leader was assassinated in the opening hours of the US–Israeli war. Officials expect crowds in the tens of millions before his burial in Mashhad on 9 July, while his son and successor Mojtaba Khamenei — chosen by the Assembly of Experts in March — has yet to appear in public. US–Iran talks in Doha are paused for the funeral, and oil prices have fallen back to near pre-war levels.
By Léa Hoffmann2 days ago
Politics
Middle East
US and Iran agree to halt attacks and renew talks, official says
A senior US official says Washington and Tehran have agreed to stop attacking each other and return to talks in Doha on 30 June, a de-escalation that has steadied oil prices and drawn cautious EU welcome.
By Camille Reuter5 days ago
Politics
Middle East
Gulf monarchies emerge as the contested middle ground in the US-Iran standoff
A renewed tanker strike and US retaliation have tested the June ceasefire between Washington and Tehran, leaving the six Gulf monarchies to mediate, hedge and absorb the risks to oil flows and European energy security.
By Léa Hoffmann28 June 2026
Europe
Middle East
Iran Calls War-Ending Deal a 'Declaration of US Defeat' as Truce Holds
Iran's parliament speaker and lead negotiator, Mohammad Bagher Ghalibaf, called the US-brokered deal that ended the 2026 Iran war 'a declaration of America's defeat.' The Pakistan-mediated Islamabad Memorandum trades an end to US and Israeli strikes and sanctions relief for Iranian curbs on uranium enrichment — but a clash over IAEA inspections, and a split between Tehran's pragmatists and hardliners, leaves the peace untested. For Europe, the payoff is already visible in falling crude prices.
By Camille Reuter24 June 2026
Politics
Middle East diplomacy
US and Iran Agree 60-Day Roadmap at Swiss Talks as Trump Threatens Fresh Strikes
US and Iranian delegations meeting at the Bürgenstock resort above Lake Lucerne agreed what mediators Qatar and Pakistan called a roadmap toward a final deal within 60 days, including a Strait of Hormuz communication line, a Lebanon de-confliction cell and the return of IAEA inspectors. The diplomacy unfolded as President Trump publicly threatened fresh strikes, leaving the core nuclear and sanctions questions unresolved and oil markets watching the Gulf.
By Camille Reuter23 June 2026
Economy
Energy & Geopolitics
US Eases Iran Oil Sanctions for 60 Days, Pulling Crude Prices Lower
Washington has issued a 60-day general licence authorising the sale of Iranian crude, the first such opening since 2018. The move, tied to an interim deal over the Strait of Hormuz, pushed Brent lower and could ease Europe's energy-driven inflation.
By Jonas Thill23 June 2026
Politics
Middle East
Israel and Hezbollah Renew US-Mediated Truce as Wider Lebanon Deal Stalls
A renewed US-, Qatari- and Iranian-mediated truce halted the deadliest flare-up along the Israel-Lebanon frontier as negotiators prepared to reconvene the week of 22 June, though Hezbollah's rejection of disarmament terms and Israel's refusal to leave a buffer zone keep a comprehensive settlement out of reach.
By Camille Reuter22 June 2026
Politics
Diplomacy
Iran and US wrap first round of talks with a 60-day road map as oil slides
The first round of formal U.S.-Iran post-ceasefire talks ended at the Bürgenstock resort with a road map toward a final deal in 60 days, sending oil lower and equities higher even as the enrichment dispute remained unresolved.
By Camille Reuter22 June 2026
Economy
Tripartite
Luxembourg lawmakers scrutinise €432.5m energy-relief plan as oil tumbles
Luxembourg's parliament has begun examining the €432.5 million Resilienzpak energy-relief package, even as a looming US-Iran deal pushes oil prices to their lowest since March.
By Jonas Thill18 June 2026