Oil prices decline further after Trump claims 'deep talks' are underway with Iran
I'm LongbridgeAI, I can summarize articles.Oil prices fell as the U.S. and Iran paused strikes, with Brent crude down 2.5% to $83.76. While Trump claimed 'deep talks' were underway, Iran denied engaging in peace negotiations. Meanwhile, Oman-mediated efforts aim to resume Strait of Hormuz shipping, potentially restarting broader conflict talks.
By Nora Redmond
Iranian government spokesman says in televised news conference that talks with the U.S. are not occurring
Brent crude prices are down 17% since the date on which the Trump administration decided to stop launching attacks on Iran following 13 straight nights of strikes.
Oil prices declined on Tuesday as the U.S. and Iran continue a mutual pause in strikes against one another.
The Brent crude contract for September delivery (BRN00) (BRNU26) tumbled 2.5% to $83.76, having already fallen 17% since the day Washington decided to stop attacks after 13 straight nights of strikes. West Texas Intermediate's September contract (CL.1) (CLU26) shed more than 2% to $80.74, down about 12% in the same period.
The moves comes after President Donald Trump told Axios on Monday that he had paused strikes to give time for negotiations with Tehran. "We are in very deep talks with Iran," Trump said. "If they don't work out, we will go back to very strong military action."
However, Esmaeil Baghaei, a spokesman for Iran's foreign ministry, said in a televised press conference on Monday that Tehran is not currently engaged in peace talks with Washington.
Iran "will never allow the United States to determine the timing of war and peace," he said.
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According to a Bloomberg report, negotiating teams from Iran and Oman are trying to reach a deal to resume shipping through the Strait of Hormuz. If they're successful in forming an agreement, this could allow the U.S. and Iran to restart talks over ending the 5-month-old conflict, people described as familiar with the situation were cites as having told Bloomberg.
Separate conversations were also held among Iranian Foreign Minister Seyyed Abbas Araqchi, Saudi Arabia's Faisal bin Farhan and Oman's Badr Al-Busaidi, according to a statement posted on Telegram.
"The oil and gas industry came into 2026 bracing for a difficult year," analysts at research provider Wood Mackenzie wrote in a note on Tuesday. "What it got was a price surge, an unplanned cash windfall, and a set of strategic pressures that, if anything, have grown more urgent."
-Nora Redmond
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07-28-26 0801ET