Flux Markets | Brent weakens amid expectations of US-Iran peace talks Skip to main content

Brent weakens amid expectations of US-Iran peace talks

Oil prices likely dropped alongside a liquidation of net length following a Reuters report that Iranian Foreign Minister Abbas Araghchi....
Published: April 24, 2026
Written by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
4 page report
Share

The Jun'26 Brent futures fell from above $107/bbl this morning to $103.80/bbl at 12:30 BST. Following this, prices moved between $103.50/bbl and $106.30/bbl, but stand at $105/bbl at the time of writing (17:30 BST)...

Oil prices likely dropped alongside a liquidation of net length following a Reuters report that Iranian Foreign Minister Abbas Araghchi was expected to arrive in Islamabad late on Friday to discuss proposals for resuming peace talks with the US. Subsequently, CNN reported that US President Donald Trump was sending special envoy Steve Witkoff and Jared Kushner to Pakistan for talks with Iran's foreign minister. Nonetheless, navigation across the Strait of Hormuz remains blocked, with shipping data showing only five ships (including an Iranian products tanker) moving through the strait in the past 24 hours. In other news, SLB reported a decline in Q1 2026 profits as revenues from the Middle East and Asia ​dropped 10% to $2.69 billion. US consumer sentiment fell to a record low of 49.8 in April (53.3 in March), as per the University of Michigan's Surveys of Consumers, although this was an improvement to a mid-month preliminary reading of 47.6. Similarly, the Ifo Institute said that Germany's business climate index fell to 84.4 in April (86.3 in March) - its lowest reading since May 2020. Finally, at the time of writing, the Jun/Jul'26 and Jun/Dec'26 Brent futures spreads stand at $6.00/bbl and $20.20/bbl, respectively.

Related News

Brent Surges Past $107/bbl

US President Donald Trump has said he will not set a "timetable" for ending the conflict and that he wants to make "a great deal"....
4 page report

Brent surges past $105/bbl

The Jun'26 Brent futures contract rallied from a low of $101.40/bbl around 13:10 BST this afternoon to $105.40/bbl at 18:20...
4 page report

Brent Hits $104.70/bbl

Brent extends rally above $103/bbl; traffic through SoH grinds to a halt; European refineries on "max jet mode"
4 page report

Bulls exit Brent longs

We anticipate ICE COT data for the week ending 21 Apr to show managed-by-money players liquidating nearly 6.8mb from their long positions...
8 page report