Crude oil prices rose on Wednesday as stalled talks between Iran and the US over a final agreement to end their conflict renewed concerns over crude supplies from the Middle East, according to Business-Today citing Reuters. Brent crude futures rose 33 cents, or 0.45%, to $73.28 a barrel, while US West Texas Intermediate (WTI) crude gained 34 cents, or 0.49%, to $69.84 a barrel.
Doha Talks Fail to Deliver Breakthrough
US President Donald Trump's son-in-law Jared Kushner and special envoy Steve Witkoff arrived in Doha on Tuesday for what the White House described as "high-level" talks, Business-Today reported. However, Iran and host Qatar said the US delegation would meet mediators rather than Iranian officials directly. Qatar said Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani was among those who met Witkoff and Kushner.
"Hormuz continues to reopen but it's patchy, unpredictable, and not fully transparent... Unless there is a fresh understanding between Washington and Tehran, the market may wait and watch for sustained peace and quiet before crude resumes bearish momentum," Vandana Hari, founder of oil market analysis provider Vanda Insights, told Reuters.
Supply Fears and Analysts' Outlook
Oil prices had fallen sharply in the previous quarter after progress towards ending the Middle East conflict eased fears of prolonged supply disruptions. According to Business-Today, Brent lost about $45 a barrel between the first and second quarters, its steepest quarterly decline since the 2008 financial crisis, while WTI dropped around $31, marking its biggest quarterly fall since 2020.
| Commodity | Quarterly Drop (Q1 to Q2) | Context |
|---|---|---|
| Brent crude | ~$45/barrel | Steepest since 2008 financial crisis |
| WTI crude | ~$31/barrel | Biggest since 2020 |
A Reuters poll released on Tuesday showed analysts cut their 2026 oil price forecasts for the first time since the Iran conflict began, as the reopening of the Strait of Hormuz eased supply concerns, Business-Today reported.
US Inventories and Market Cues
US Vice President JD Vance said Iran would not be allowed to impose tolls on ships passing through the Strait of Hormuz and claimed oil flows had returned to pre-war levels.
Meanwhile, US crude inventories fell by 6.1 million barrels in the week ended June 26, while gasoline stocks also declined, market sources told Reuters, citing data from the American Petroleum Institute.
Investors are now awaiting official US inventory data from the Energy Information Administration (EIA) due later on Wednesday for fresh cues on demand and supply.
The market remains focused on geopolitical developments in the Middle East and upcoming inventory figures to gauge the trajectory of oil prices in the near term.
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