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Oil prices slip as Iran looks at attending talks with US in PakistanBrent declined up to 1.1% to $94.44 a barrel after it gained 5.6% on Monday.By CNBC-TV18 April 21, 2026, 6:43:01 AM IST (Published)2 Min ReadOil prices declined on signs that Iran was likely to attend negotiation talks with the US in Islamabad ahead of the ceasefire deadline ending.

Brent declined up to 1.1% to $94.44 a barrel after it gained 5.6% on Monday.

Iran is sending a team to the Pakistani capital, according to people familiar with the plans who declined to be identified, although it is not clear who would lead the delegation. Earlier, Tehran had said it was hesitant to participate in further peace talks with the US.

Vice President JD Vance is leaving later on Monday to resume negotiations, “either Tuesday night or Wednesday morning,” Donald Trump said in a phone interview on Monday. The US president said it’s “highly unlikely” that he’d extend the truce, which expires on “Wednesday evening Washington time.”

Oil prices have been buffeted in recent days amid rapidly shifting perceptions of the negotiations’ status and whether ships can navigate the Strait of Hormuz — the waterway through which about a fifth of the world’s crude normally transits. The standoff over Hormuz threatens to deepen the global energy crisis and is just one of the unresolved issues between Iran and the US, which also include the Islamic Republic’s nuclear capabilities and Israel’s invasion of Lebanon.

Monday’s session saw conflicting statements from Trump about the timing and viability of peace talks. Oil extended gains after he said that the US would continue to block the strait for Iran-linked ships until an agreement is finalized.

Meanwhile, Hormuz flows remain at a virtual standstill. The crisis flared again over the weekend after the US Navy seized an Iranian vessel while the Islamic Republic’s forces fired at ships and reimposed controls across the strait.

On Monday, Chinese President Xi Jinping called for an immediate ceasefire and the restoration of normal transit through the waterway, according to a Foreign Ministry read-out of a phone call with Saudi Crown Prince Mohammed bin Salman.

Oil prices could rise to $110 a barrel if traffic in the waterway remains disrupted for another month, according to Citigroup Inc. Global energy markets may be volatile for two years because of the war, according to International Energy Agency Executive Director Fatih Birol.

With inputs from BloombergAlso Read: Asian shares gain, oil declines on hopes of Iran-US talksContinue ReadingTagsglobal marketsOiloil marketsOil prices