Oil prices steady after declining on moves to begin US-Iran talks again
Published on 15/04/2026 06:48 AM
Oil prices steady after declining on moves to begin US-Iran talks againBrent steadied above $94 a barrel after declining nearly 5% on Tuesday. Meanwhile, West Texas Intermediate was near $90.By CNBC-TV18 April 15, 2026, 6:48:13 AM IST (Published)2 Min ReadOil prices held a drop, as US and Iran look at arranging a second round of peace talks.
Brent steadied above $94 a barrel after declining nearly 5% on Tuesday. Meanwhile, West Texas Intermediate was near $90.
The objective is to hold more talks before a ceasefire expires next week, according to people familiar with the matter. One proposal is a return to Pakistan, though other venues are being considered.
US President Donald Trump said talks could resume “over the next two days,” the New York Post reported. He saw the war as being “very close to over,” Fox Business anchor Maria Bartiromo said after interviewing the US leader.
In the meantime, the US is pressing ahead with a naval blockade of Hormuz to curb the Islamic Republic’s oil exports. For its part, Tehran is considering a pause to shipments through the waterway to avoid testing the US cordon, according to a person familiar with the matter. Since the war erupted, Iran has moved to prevent the passage of almost all shipping through the key route.
The global oil market has been jolted by the conflict, which triggered an unprecedented supply shock. Surging prices for physical crude and products such as gasoline are squeezing consumers and hurting demand, with the International Energy Agency forecasting a drop in consumption this year.
In a bid to exert further pressure on Tehran, the Trump administration will allow a waiver temporarily authorizing the purchase of certain Iranian crude to expire this weekend, according to the Treasury Department.
In the US, the American Petroleum Institute reported nationwide crude inventories rose 6.1 million barrels last week. If confirmed by official data later Wednesday, that would mark the eighth consecutive build.
With inputs from BloombergContinue ReadingTagsglobal marketsOiloil marketsOil prices