Oil prices fluctuate after US, Iran call off talks in Switzerland

Saturday, 20 June 2026 05:26 - - {{hitsCtrl.values.hits}}

Global oil prices have fluctuated slightly on Friday, briefly reaching back above the $ 80 per barrel mark for Brent crude, as the United States and Iran called off further talks in Switzerland.

A stall in talks between the United States and Iran have cast doubt over the preliminary peace agreement reached earlier this week. The oil market has begun reflecting that uncertainty early Friday.

Vice President JD Vance was set to travel to Switzerland to continue into the next phase of negotiations with Iran. Vance’s trip has been postponed while Israel has opened up more strikes on Lebanon.

Part of the agreement between the United States and Iran included an end to military operations in Lebanon.

Overall oil prices are heading toward a second consecutive week of falling prices. August Brent crude oil, the international benchmark, traded at about $ 80.23 per barrel on Friday morning. July West Texas Intermediate futures, the U.S. benchmark, traded for about $ 75.96 per barrel.