Business · Energy & Commodities · 3 hrs ago
Oil Steadies as Traders Weigh Conflicting Signals on Iran Talks
Oil prices steadied on Tuesday after moving sharply during a session shaped by conflicting reports on efforts to end the US-Iran war.
West Texas Intermediate traded near $98 a barrel, while Brent closed below $109 after moving through a range of more than $6.
A diplomat said claims that a deal is close are inaccurate, though talks aimed at ending the conflict are continuing.
Brent has risen almost 80% this year as conflicts in the Middle East and between Russia and Ukraine disrupt energy supplies.
Attacks on tankers and energy infrastructure are keeping supply risks high, even as Persian Gulf oil flows recover to near pre-war levels.
US crude inventories fell by 4.9 million barrels last week, according to an industry-funded estimate, and official figures due Wednesday could confirm a third weekly decline.
Traders are bracing for higher prices and continued volatility as they watch the conflict and the next supply data.
Oil prices steadied on Tuesday after a volatile session as traders assessed conflicting reports about efforts to end the US-Iran war.
West Texas Intermediate traded near $98 a barrel, while Brent closed below $109.
A diplomat involved in negotiations said reports that an agreement was close were inaccurate.
An earlier unconfirmed report on negotiations had pushed oil down from five-month highs, with Brent falling as much as 3.3% before recovering some losses.
Renewed attacks on tankers and energy infrastructure continued to keep geopolitical risks elevated, although Persian Gulf flows had recovered to near pre-war levels.
- Who
- Oil traders and market participants.
- What
- Oil prices steadied after a volatile session amid conflicting signals about talks to end the US-Iran war.
- When
- Tuesday; the article was published on October 20, 2026.
- Where
- Not stated.
- Why
- Traders were weighing conflicting reports about the negotiations and ongoing risks to energy supplies.
This story does not have two clearly opposing sides.
An unconfirmed report on Iran war negotiations contributed to oil falling from five-month highs.
Brent fell as much as 3.3% before paring losses and closed below $109, while West Texas Intermediate traded near $98 a barrel.
Official US crude inventory data was due; if it confirmed the reported decline, it would mark a third weekly fall.
- West Texas Intermediate
- Near $98 a barrel
- Brent
- Closed below $109 on Tuesday
- Brent intraday drop
- As much as 3.3%
- US crude inventories
- Fell by 4.9 million barrels last week, according to the American Petroleum Institute
- Persian Gulf flows
- Recovered to near pre-war levels
What people are saying
This conflict doesn’t feel like it’s coming to a quick conclusion.
I have to make a final decision about which way I want to win.