Oil prices rose at the start of trading on Wednesday after reports that Iran would not meet with envoys of US President Donald Trump in Qatar, increasing pressure on the temporary ceasefire agreed upon by the two sides in the war that has been ongoing for four months. Brent crude futures rose 50 cents, or 0.69%, to $73.45 per barrel at 12:08 GMT, while West Texas Intermediate crude climbed 63 cents, or 0.91%, to $70.13 per barrel.
Jared Kushner, the US president's son-in-law, and envoy Steve Witkoff arrived in Doha on Tuesday for what the White House described as "high-level" talks, but Iran and host Qatar said they would meet with mediators, not with the Iranians themselves.
Brent crude prices plunged by around $45 per barrel between the first and second quarters of this year, marking their largest quarterly loss since 2008 during the global financial crisis. At the same time, US crude oil futures fell by approximately $31, their largest quarterly loss since 2020, when the outbreak of the Covid-19 pandemic caused a collapse in global oil demand. These declines followed progress made toward ending the conflict in the Middle East, which erased the sharp gains that hostilities had sparked earlier.
A Reuters poll conducted on Tuesday showed that analysts had cut their oil price forecasts for 2026 for the first time since the war with Iran began, following five consecutive monthly increases, as the reopening of the Strait of Hormuz eased concerns about prolonged supply disruptions.