On Monday, July 20, 2026, oil prices reversed earlier gains after Iran's foreign ministry indicated that negotiations with the United States might be pursued, contingent on national interests. Earlier in the day, benchmark crude prices had reached their highest levels since mid-June amid concerns over possible disruptions to shipments through the Strait of Hormuz.

By 0852 GMT, Brent crude futures declined by 14 cents, or 0.16%, settling at $87.96 per barrel after peaking at $91.42. Similarly, West Texas Intermediate (WTI) crude dropped 50 cents, or 0.61%, to $81.99 per barrel, following its highest price since June 12.

The developments come amid ongoing geopolitical tensions affecting the global oil supply. A photograph from March 18, 2026, shows oil pumps outside Vaudoy-en-Brie near Paris, France, underscoring the global nature of the oil market.

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