SWITZERLAND — Global crude oil prices declined on Monday, June 22, 2026, following bilateral talks between representatives from the United States and Iran.
Okay News reports that mediators from Pakistan and Qatar announced progress in negotiations aimed at addressing the nuclear programme of Iran and reopening the Strait of Hormuz, through which about a fifth of global oil and gas passes. The two mediating nations stated that the participating delegations established a communication line to avoid maritime incidents in the waterway.
The diplomatic negotiations commenced on Sunday, June 21, 2026, in Switzerland, with delegations led by United States Vice President JD Vance and Iran representative Mohammad Bagher Ghalibaf. The session followed the cancellation of a meeting originally scheduled for Friday, June 19, 2026, which was delayed due to military conflict between Israel and Hezbollah.
The mediators stated that “the High Level Committee has agreed upon a roadmap towards reaching a final deal within 60 days, laying the foundation for the immediate commencement of further technical talks.” Following the announcement, Iran Foreign Minister Abbas Araghchi stated on the social media platform X that “mediation has delivered major progress to end the Lebanon War.”
During afternoon trading in Asia, Brent North Sea Crude fell 1.7 per cent to $79.19 a barrel, while West Texas Intermediate dropped 0.6 per cent to $75.37 a barrel. The price drops followed initial market anxieties after reports emerged that Iran had briefly considered cancelling the talks due to military threats made by United States President Donald Trump.
National Australia Bank analyst Skye Masters stated, “Following the positive response last week to reports of a US-Iran ceasefire, markets are likely to open with a cautious tone to start the new week as it remains clear that the situation in the Middle East remains fragile.”
In separate financial market developments, the British pound fell to $1.3210 from $1.3218 on Friday, June 19, 2026. The currency movement followed reports published by the Guardian newspaper stating that United Kingdom Prime Minister Keir Starmer faces political pressure from Labour Members of Parliament to resign.
