Oil prices edge higher amid uncertainty over Iran-US talks

LONDON – Oil prices rose in early trading on Wednesday as uncertainty surrounding talks between Iran and the United States heightened concerns over potential supply disruptions in the Middle East, one of the world’s key oil-producing regions. Brent crude futures gained 33 cents, or 0.45 percent, to $73.28 per barrel, while US West Texas Intermediate (WTI) crude rose 34 cents, or 0.49 percent, to $69.84 per barrel. Market analysts said investors remain cautious despite the gradual reopening of shipping through the Strait of Hormuz, as uncertainty persists over whether Washington and Tehran can reach a broader agreement to ease tensions. According to international media reports, senior US officials, including President Donald Trump’s son-in-law Jared Kushner and special envoy Steve Witkoff, travelled to Doha for high-level discussions. However, Iranian and Qatari officials said the US delegation would hold talks with mediators rather than meet Iranian representatives directly. Oil markets have experienced significant volatility in recent months. Brent crude recorded its steepest quarterly decline since the 2008 global financial crisis, while US crude futures posted their largest quarterly loss since 2020, as easing geopolitical tensions reduced fears of prolonged supply disruptions. Analysts have also lowered their oil price forecasts for 2026, citing improved shipping activity through the Strait of Hormuz and expectations that regional oil supplies will remain largely uninterrupted. US Vice President JD Vance said Iran would not be allowed to impose transit charges on vessels passing through the Strait of Hormuz, adding that oil shipments through the strategic waterway had returned to pre-conflict levels. Meanwhile, data released by the American Petroleum Institute, cited by market sources, showed US crude oil inventories fell by 6.1 million barrels during the week ending June 26. Gasoline stockpiles also declined, indicating continued strong fuel d