Summary: Brent crude rose 0.64% to $80.36/barrel and WTI rose 1.7% to $77.88/barrel after US-Iran peace talks collapsed. Israel escalated attacks on Lebanon, while US Vice President JD Vance canceled his trip to Switzerland. Prices had previously fallen 8% weekly as tankers successfully crossed the Strait of Hormuz.
Global oil prices climbed sharply again after peace negotiations between the United States and Iran in Switzerland collapsed as Israel intensified its attacks on Lebanon.
According to Reuters, Friday (19/6/2026), during today's trading at 06.45 GMT, Brent crude oil, the global benchmark, rose 51 cents or 0.64% to $80.36 per barrel. Meanwhile, West Texas Intermediate (WTI) crude rose $1.28 or 1.7% to $77.88 per barrel.
This comes after both benchmarks had fallen significantly on prospects of a prolonged ceasefire and a US-Iran peace deal. Both contracts were expected to post weekly declines of around 8%.
Both global oil benchmarks touched their lowest levels since early March 2026 on Thursday (17/6) after several tankers, including three Saudi-flagged vessels carrying 6 million barrels of crude, successfully sailed through the Strait of Hormuz. The vessels crossed the strait just hours after the presidents of Iran and the United States signed an interim agreement to end their war.
Analysts estimated the deal would release more than 85 million barrels of oil trapped in the Middle East Gulf into the global market. The agreement also included the lifting of US sanctions on Iranian oil, which would further boost supply.
"Traders are still waiting for concrete evidence that tanker traffic through the Strait of Hormuz has truly returned to normal before committing to further price declines," said Tim Waterer, chief market analyst at KCM.
However, the fragility of the US-Iran peace deal was tested again by Israel's escalation of attacks on Lebanon. Furthermore, US talks with Iranian negotiators regarding a conflict resolution pact in the Middle East will not take place today as US Vice President JD Vance canceled his travel plans.
"Prices may have bottomed out and we could see a rebound accompanied by high volatility as cracks have emerged in the memorandum of understanding," said Vandana Hari, founder of Vanda Insights.
Suggested Internal Links: Brent Crude Oil Price Today, Middle East Conflict Impact on Energy Markets, Oil Price Outlook 2026
