Slow Progress in US-Iran Peace Talks Raises Oil Prices

Slow progress in peace talks between the US and Iran has affected shipping traffic in the Strait of Hormuz, leading to a rise in oil prices.

Scraper SystemMay 23, 2026, 02:39 PM

Slow Progress in US-Iran Peace Talks Raises Oil Prices

Oil prices rose amid concerns that a peace agreement ensuring the normalization of shipping traffic in the Strait of Hormuz between the US and Iran may not be reached. Brent crude oil futures rose 0.94% to $103.54 per barrel. US West Texas Intermediate (WTI) crude oil increased to $96.60 per barrel. On a weekly basis, Brent oil prices fell by 5.48%, and WTI by 8.37%, but prices fluctuated with expectations of a peace agreement. US Secretary of State Marco Rubio noted some positive signs in the talks but emphasized that no agreement has been reached yet. Disagreements continue over Iran's uranium stocks and control of the Strait of Hormuz. The Qatari negotiation team, coordinating with the US, is visiting Tehran to support reaching an agreement. The reduction in oil flow through the Strait of Hormuz has led to a significant drop in global energy supply, causing concerns about inflation and the global economy. Experts state that even if the conflict ends, the oil flow in the strait is not expected to fully return to normal until the first quarter of 2027.