Oil prices fall on expectations of US–Iran talks

April 21, 2026 / 6:06 PM

Sharjah 24 – Reuters: Oil prices fell on Tuesday, reversing the previous session’s sharp gains, as markets reacted to expectations of renewed US–Iran peace talks this week that could ease supply concerns from the Middle East.

Brent and WTI decline in early trade

Brent crude futures dropped 69 cents to $94.79 a barrel by 09:55 GMT, while West Texas Intermediate (WTI) crude for May delivery fell $1.12, or 1.3%, to $88.49. The May contract is set to expire on Tuesday, with the more actively traded June contract down 16 cents at $90.27.

Previous session gains driven by supply fears

The decline followed a sharp rally on Monday, when Brent rose 5.6% and WTI gained 6.9% amid heightened geopolitical tensions, including disruptions linked to the Strait of Hormuz and US actions involving an Iranian vessel.

Market focus shifts to diplomacy

Despite continued volatility, investors are watching for outcomes from potential talks, which could extend the ceasefire or lead to a broader agreement, while risks of renewed conflict and further supply disruptions remain in focus.