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Tue, 14 Apr 2026

Tue, 14 Apr 2026 Oil prices ease on hopes of new US-Iran peace talks

Crude prices jumped above $100 on Monday after talks failed between the two sides at the weekend.

* Brent crude oil price fell by around 1% to $98.40 a barrel
* US-traded oil dropped by 1.7% to $97.40 a barrel
* Hopes of more peace talks between US and Iran eased concerns about energy supply disruptions
* President Donald Trump said Tehran has contacted Washington about a potential agreement
* Earlier, oil prices jumped above $100 a barrel after Trump's order to blockade Iran's ports
* Iran proposed suspending uranium enrichment for up to 5 years, but the offer was rejected by the US which insisted on 20 years
* Discussions between Washington and Tehran suggest there may still be a path to a peace deal
* Asian stock markets edged higher on Tuesday, with Japan's Nikkei index gaining 2.6% and South Korea's Kospi exchange jumping over 3%
* Energy prices surged as nearly a fifth of global oil and gas shipments pass through the Strait of Hormuz, which has been effectively closed due to conflict between Iran and the US
* US Department of Energy Secretary Chris Wright said he expects oil prices to peak in coming weeks