Pedestrians stroll through the Corniche area in Doha, Qatar, on June 29, 2026, as media reports indicated that senior negotiators from the United States and Iran were expected to meet in the Qatari capital.
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Oil prices were little changed Tuesday, with traders weighing the possibility of renewed high-level discussions between Washington and Tehran in Qatar.
Global benchmark Brent crude futures for August delivery were hovering near unchanged at $73.11 a barrel. The contract is poised to finish June down about $19, or 20%, from its May 29 close. Brent futures for September delivery were also trading around the flatline at $73.84.
U.S. West Texas Intermediate futures for August delivery slipped 0.6% to $70.30 a barrel, leaving the contract on track for a decline of roughly $16, or 19%, from last month’s close.
The muted trading came as energy markets assessed whether U.S.-Iran diplomacy could resume in Doha.
U.S. President Donald Trump said Monday that talks between the two countries would be held Tuesday in Qatar’s capital. In a social media post, he claimed Tehran had “requested a meeting” after the two sides exchanged strikes over the weekend.
Iran’s Foreign Ministry, however, reportedly pushed back on the suggestion. A spokesperson said Monday that no talks were scheduled in the coming days and added that a visit to Qatar by an Iranian technical delegation this week was unrelated to the presence of U.S. officials in the country.
U.S. special envoys Jared Kushner and Steve Witkoff arrived in Doha Tuesday. A Qatari government spokesperson said they would meet mediators, not directly with the Iranians.
The mixed messaging appears to underscore the fragility of an interim peace deal struck by the U.S. and Iran earlier this month.
The two countries struck a 14-point memorandum of understanding on June 17 to pause fighting that had severely disrupted global oil flows through the strategically vital Strait of Hormuz.
Located in the gulf between Oman and Iran, the Strait of Hormuz is recognized as one of the world’s most critical energy chokepoints. The narrow waterway typically handles around 20% of the world’s oil traffic.
‘Situation can change very quickly’
Energy analysts say they have been surprised by the pace of the sell-off in the oil market, noting that it has been far more aggressive than most had expected.
“The price action in recent weeks reflects a market that is treating this temporary ceasefire between the US and Iran as a permanent deal. This is clearly not the case, and as we have seen over the last four months, the situation can change very quickly,” strategists at ING said in a research note published Monday.
“It took long enough to agree on a temporary ceasefire. Reaching a permanent deal which tackles the nuclear issue within 60 days would be very optimistic. Of course, there is always the potential for the ceasefire to be extended, which would effectively be kicking the can down the road,” they added.
