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CommoditiesMediumUpdated•Originally published 26 February 2026•Updated 26 February 2026•

1 min read

Oil Prices Under Pressure as Oman Reports Progress in U.S.-Iran Talks

Digital illustration of oil market dynamics with US and Iran maps, oil rigs, refineries, price charts, and a rising green arrow, with oil barrels in the foreground.

Key Facts

1WTI Crude fell by 1.61% to trade below the $65 per barrel threshold, reaching $64.38.

3 months ago

Version History

Version 13 months ago

What changed: The story was updated to include statements from Oman regarding the progress of talks, which eased supply shock fears and further pressured oil prices downward.

Crude oil prices continued their downward trend as diplomatic negotiations between the United States and Iran in Geneva showed signs of progress. Oman, acting as a mediator, stated that the talks are advancing, which has significantly eased market fears regarding a potential Middle East supply shock. WTI Crude fell by 1.61% to trade at $64.38 per barrel, while Brent Crude dropped 1.27% to settle at $69.96 per barrel. The prospect of a revived nuclear deal suggests a potential lifting of sanctions, which would allow Iranian crude to return to global markets. Investors are increasingly concerned about a supply surplus, especially as recent EIA data reinforced the prevailing bearish sentiment. The combination of diplomatic optimism and high inventory levels continues to weigh heavily on energy benchmarks.