Brent Holds Gains as Peace Talks Break Down

2026-04-21 23:30 By Jam Kaimo Samonte 1 min. read

Brent crude futures stayed above $98 per barrel on Wednesday after rising more than 3% in the previous session, as peace talks between the US and Iran stalled and shipping through the Strait of Hormuz remains largely halted.

Reports said Vice President JD Vance canceled a planned trip to Islamabad for negotiations after Tehran notified the US via Pakistan that it would not participate in the meeting.

Iran also stated it would not reopen the Strait of Hormuz while the US Navy continues intercepting vessels.

Meanwhile, President Donald Trump extended the US-Iran ceasefire, noting that Tehran’s leadership was “seriously fractured.” He added the truce would stay in place until Iran’s leaders deliver a “unified proposal” to end the conflict.

The war continues to pressure supply, with estimates of demand destruction already nearing 4 million barrels per day and potentially climbing to 5 million barrels per day, about 5% of global supply, with Asia likely to absorb most of the impact.



News Stream
Brent Holds Gains as Peace Talks Break Down
Brent crude futures stayed above $98 per barrel on Wednesday after rising more than 3% in the previous session, as peace talks between the US and Iran stalled and shipping through the Strait of Hormuz remains largely halted. Reports said Vice President JD Vance canceled a planned trip to Islamabad for negotiations after Tehran notified the US via Pakistan that it would not participate in the meeting. Iran also stated it would not reopen the Strait of Hormuz while the US Navy continues intercepting vessels. Meanwhile, President Donald Trump extended the US-Iran ceasefire, noting that Tehran’s leadership was “seriously fractured.” He added the truce would stay in place until Iran’s leaders deliver a “unified proposal” to end the conflict. The war continues to pressure supply, with estimates of demand destruction already nearing 4 million barrels per day and potentially climbing to 5 million barrels per day, about 5% of global supply, with Asia likely to absorb most of the impact.
2026-04-21
Brent Crude Rises For 2nd Session
Brent crude oil futures climed as much as 5% to trade above $100 per barrel on Tuesday afternoon as investors increasingly accepted that US-Iran negotiations had reached an impasse ahead of the approaching ceasefire deadline. Vice President JD Vance had been expected to travel to Pakistan on Tuesday, but the trip was delayed after Iran failed to respond to US negotiating proposals, according to NY Times. Earlier, President Trump said Iran had “no choice” but to send representatives. Speaking to CNBC, he added that the US remained in a strong position and was “ready to go” with fresh bombing strikes if no agreement is reached. The conflict continues to weigh on supply, with estimates of demand destruction already near 4 million barrels per day and potentially rising to 5 million barrels per day, roughly 5% of global supply, with Asia expected to bear the brunt of the impact.
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Brent Rises as Markets Await US-Iran Talks
Brent crude oil futures climbed to $96.6 per barrel on Tuesday after dipping to $94.7 earlier, as markets focused on potential US-Iran talks with both sides still deadlocked ahead of a ceasefire deadline. Iran has not confirmed participation in negotiations in Pakistan, while disagreements persist over key issues including access to the Strait of Hormuz. President Donald Trump said Vice President JD Vance is ready to attend talks but warned the US will not rush a deal and could resume military action if no agreement is reached. Oil prices remain volatile as traders weigh shifting prospects for diplomacy and the near standstill in Hormuz traffic, with only a handful of vessels passing. The conflict continues to disrupt supply, with estimates of demand destruction already around 4 million barrels per day and potentially rising to 5 million, or about 5% of global supply, with Asia most affected. China has called for an immediate ceasefire and restoration of shipping flows.
2026-04-21