Brent fell to $79.49 and WTI to $76.36 after planned Switzerland talks or signing were canceled, despite Iran allowing tankers carrying more than 12 million barrels through the Hormuz chokepoint.
Oil prices slipped after U.S.-Iran diplomacy faltered, undermining hopes for a breakthrough even as crude shipments continued moving through the Strait of Hormuz. Brent crude fell to $79.49 and West Texas Intermediate to $76.36. Reports said planned talks or a signing in Switzerland were canceled, U.S. Vice President JD Vance’s trip was scrapped, and follow-up discussions that had been expected to continue for 60 days were paused indefinitely. A key unresolved issue was freedom of navigation through the Strait of Hormuz, although Iran allowed tankers carrying more than 12 million barrels to pass through the waterway without firing on ships.