--- title: "Oil falls on prospects for talks to end Iran war and revive supply" type: "News" locale: "en" url: "https://longbridge.com/en/news/283071975.md" description: "Oil prices fell as optimism grew for an end to the Middle East conflict, following a ceasefire between Lebanon and Israel and potential U.S.-Iran talks. Brent crude dropped 1.35% to $98.05 a barrel, while U.S. West Texas Intermediate fell 1.74% to $93.40. President Trump indicated progress in negotiations, with Iran offering to limit nuclear capabilities. The closure of the Strait of Hormuz has disrupted about 13 million barrels per day of oil supply, impacting global markets." datetime: "2026-04-17T01:08:58.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283071975.md) - [en](https://longbridge.com/en/news/283071975.md) - [zh-HK](https://longbridge.com/zh-HK/news/283071975.md) --- # Oil falls on prospects for talks to end Iran war and revive supply PERTH, April 17 : Oil prices fell in early trade on Friday on optimism the Middle East conflict could be nearing an end after a 10-day ceasefire between Lebanon and Israel took effect and President Donald Trump said the U.S. and Iran may meet for talks on the weekend. Brent crude futures declined by $1.34, or 1.35 per cent, to $98.05 a barrel at 0021 GMT. U.S. West Texas Intermediate crude futures fell $1.65, or 1.74 per cent, to $93.40 a barrel, trimming gains from the previous session. Addressing a key sticking point in talks to end the Iran war, which has closed the Strait of Hormuz for seven weeks and choked off roughly one-fifth of the world’s oil supply, Trump said Tehran had offered not to possess nuclear weapons for more than 20 years. "We're going to see what happens. But I think we're very close to making a deal with Iran," Trump told reporters outside the White House on Thursday. Oil prices climbed 50 per cent in March in a record run and have only recently fallen below the $100 per barrel mark but have stayed within the $90 range for the week. Israel's campaign in Lebanon has been a major obstacle to securing a peace deal sought by Trump to end the war on Iran he launched with Israel in late February. U.S. and Iranian negotiators have scaled back their expectations for a comprehensive peace deal and are instead seeking a temporary memorandum to prevent a return to conflict, two Iranian sources told Reuters on Thursday. Analysts from ING estimate that roughly 13 million barrels per day of oil flow has been disrupted by the closure of the Strait. ### Related Stocks - [BP.UK](https://longbridge.com/en/quote/BP.UK.md) - [603353.CN](https://longbridge.com/en/quote/603353.CN.md) - [OXY.US](https://longbridge.com/en/quote/OXY.US.md) - [IXC.US](https://longbridge.com/en/quote/IXC.US.md) - [IEZ.US](https://longbridge.com/en/quote/IEZ.US.md) - [USO.US](https://longbridge.com/en/quote/USO.US.md) - [IEO.US](https://longbridge.com/en/quote/IEO.US.md) - [XOP.US](https://longbridge.com/en/quote/XOP.US.md) - [CRAK.US](https://longbridge.com/en/quote/CRAK.US.md) - [OIH.US](https://longbridge.com/en/quote/OIH.US.md) - [BNO.US](https://longbridge.com/en/quote/BNO.US.md) - [UCO.US](https://longbridge.com/en/quote/UCO.US.md) - [159195.CN](https://longbridge.com/en/quote/159195.CN.md) - [501018.CN](https://longbridge.com/en/quote/501018.CN.md) - [VDE.US](https://longbridge.com/en/quote/VDE.US.md) - [XES.US](https://longbridge.com/en/quote/XES.US.md) - [XLE.US](https://longbridge.com/en/quote/XLE.US.md) - [159189.CN](https://longbridge.com/en/quote/159189.CN.md) - [TRI.US](https://longbridge.com/en/quote/TRI.US.md) - [ING.US](https://longbridge.com/en/quote/ING.US.md) ## Related News & Research - [Oil futures lose ground in early US trading](https://longbridge.com/en/news/287089289.md) - [Capital Economics sees oil at $150 per barrel through 2027 in an extreme case](https://longbridge.com/en/news/286549728.md) - [Oil rises more than 1% after drone attack on UAE nuclear power plant](https://longbridge.com/en/news/286683769.md) - [ROI-ENERGY WATCH: Alarms and clocks](https://longbridge.com/en/news/286796437.md) - [Inflation surges as nearly the entire country hates Trump’s economy](https://longbridge.com/en/news/286117997.md)