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Oil Prices Rise as U.S.-Iran Deal Faces Tests

Oil prices rose on Tuesday. This follows a denial from Iran regarding talks with the United States to end the Gulf war. The move contradicts claims made by President Donald Trump.

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What changed

Prices have increased following Iran's denial of diplomatic talks, reversing a previous dip caused by planned discussions in Oman.

Live updates

  1. Oil Prices Climb After Iran Denies U.S. Talks

    Oil prices rose on Tuesday. This follows a denial from Iran regarding talks with the United States to end the Gulf war. The move contradicts claims made by President Donald Trump.

    Still unconfirmed:

    • President Donald Trump claimed the United States held talks with Iran to end the war in the Gulf.
    • Iran denied holding talks with the United States.
    • Washington and Tehran previously agreed to hold talks in Oman on a Friday.
    confidence 70%

  2. Oil Prices Fluctuate as U.S.-Iran Deal Faces New Pressures

    Oil prices have dipped below $80 as the Strait of Hormuz reopens and traffic resumes. However, Brent crude recently edged higher due to geopolitical tensions and warnings regarding Israel. Experts expect the war's economic impact to persist for months.

    What's confirmed:

    • The U.S.-Iran deal has reopened the Strait of Hormuz.
    • Oil prices have fallen below $80.
    • Traffic is gradually resuming through the Strait of Hormuz.
    • Brent crude prices recently experienced a slight increase.

    Still unconfirmed:

    • Oman has ruled out future transit fees for the Strait of Hormuz.
    • Rubio expects Iran's missile program and proxy support to be discussed with Gulf allies.
    • The war's impact will affect the global economy for months.
    confidence 85%

  3. Oil Prices Firm as US-Iran Agreement Faces New Tests

    Crude prices are rising after an initial drop following a US-Iran deal to end the war. Traders are now weighing the stability of the agreement against slow traffic in the Strait of Hormuz and fighting in Lebanon. Brent crude is on track for a second straight weekly decline despite these recent gains.

    What's confirmed:

    • Oil prices reached three-month lows following the US-Iran agreement.
    • Brent crude futures gained 47 cents in early trade on June 17.
    • The United States and Iran agreed to create a de-confliction cell to address fighting in Lebanon.
    • Oil prices dropped as much as 10% after the agreement was announced.

    Still unconfirmed:

    • Brent could find support well above pre-war levels due to low OECD inventories and a depleted US SPR.
    confidence 90%