Oil prices stable amid US-Iran peace talks

Oil prices were little changed on Thursday, April 16, 2026, on scepticism that peace talks between ‌the United States and Iran will reach a deal to end the war that has bottled up oil output from the key Middle East producing region.

Brent crude futures were down 26 cents to $94.67 a barrel at 0611 GMT, while U.S. West Texas Intermediate crude futures climbed 14 cents to $91.43 a ​barrel.

Both benchmarks settled little changed on Wednesday but traded in a wide range.

The U.S.-Israeli war on Iran has resulted ​in the largest-ever disruption of global oil and gas supplies due to Iran’s interruption of ⁠traffic through the Strait of Hormuz, which typically carries about 20% of the world’s oil and liquefied natural gas ​flows.

An analyst at Fujitomi Securities, Toshitaka Tazawa, said: “While there are hopes for de-escalation, many investors remain sceptical, given that U.S.-Iran talks have repeatedly broken down even ​after appearing to make progress.

“Until a peace deal is reached and free navigation through the strait is restored, WTI prices are expected to continue fluctuating between $80 and $100.”

Dangote joins Trump, Xi, others on TIME’s 2026 power list

Analysts from ING, in a statement on Thursday, estimated that roughly 13 million barrels ​per day of oil flow has been disrupted by the closure of the strait, after taking into consideration pipeline ​diversions and the trickle of tankers that have passed through the gateway.

With the U.S. blockade ‌on Iranian ⁠ports announced after the collapse of peace talks over the weekend, the disruption could increase.

“The physical market is becoming tighter every day that passes without a restart of oil flows through the Strait of Hormuz,” the ING analysts said.

A source briefed by Tehran told Reuters that Iran could consider allowing ships to sail freely through the Omani side of ​the Strait of Hormuz if ​a deal was reached ⁠to prevent renewed conflict after a two-week ceasefire started on April 8.