12:37 - 22.06.2026
June 22, Fineko/abc.az. Global oil prices have moved lower after signals of progress at the peace talks between Washington and Tehran, taking place in the Swiss city of Burgenstock.
ABC.AZ reports that during trading, the price of benchmark grade Brent, which showed a rise of 2.2% during the day, reversed and fell to nearly $79 per barrel. The American WTI was traded around $75.
Key parameters of the market release:
60-day roadmap: According to a joint statement by Qatar and Pakistan, who are mediating the meetings in Switzerland, the parties have agreed on a roadmap to reach a final agreement within 60 days. The technical teams will continue working until the end of the week. Iranian Foreign Minister Abbas Araqchi said on social network X that diplomatic efforts have led to significant progress towards ending the conflict in Lebanon.
The shipping factor in the Strait of Hormuz: Negotiations began against a tense background due to the latest harsh statements by US President Donald Trump, but sources confirmed that discussions continued until early Monday morning. One of the main items on the agenda was the development of mechanisms for the smooth functioning of the Strait of Hormuz. Vivek Dhar, analyst at Commonwealth Bank of Australia, notes that the market is showing excessive optimism: the continuing uncertainties around production volumes and the readiness of tankers to return to the region will continue to put pressure on logistics.
