Oil slips as US-Iran talks gain traction, easing supply fears

Oil prices fell by around $1 as markets reassessed supply risks tied to potential progress in U.S.–Iran peace talks, with Brent at about $94.44 a barrel and WTI near $87.95 for the front month (June around $86.18). The market had rallied earlier on Iran’s Strait of Hormuz disruption and a U.S. cargo seizure, but the outlook now hinges on whether talks extend the ceasefire and avert further supply shocks; Kuwait declared force majeure on shipments, and Citi warned disruptions could persist into late 2026, underscoring that the supply risk remains.