As of 02:18 ET (06:18 GMT) on Monday, August Brent Oil Futures fell 2.1% to $78.92 per barrel, while West Texas Intermediate (WTI) crude futures edged down 0.4% to $76.30 per barrel. Both benchmarks had already declined nearly 10% last week, as traders reacted to optimism surrounding an interim peace deal that was expected to support maritime security and potentially increase Iranian oil supplies to global markets.<\/p>\n
Crude prices had previously tumbled on expectations that the interim agreement would restore shipping through the Strait of Hormuz and pave the way for more Iranian barrels to reach international buyers. However, the latest price moves reflect renewed focus on geopolitical risk after fresh political statements and developments over the weekend.<\/p>\n
Iranian Foreign Minister Abbas Aragchi said on Monday that \u201cmajor progress\u201d had been achieved during quadrilateral talks in Switzerland. According to the Qatari foreign ministry, technical discussions are set to continue this week at the B\u00fcrgenstock resort. Negotiators agreed on a framework to halt fighting in Lebanon and created a communications mechanism to enable safe passage of commercial vessels through a key strategic waterway.<\/p>\n
The talks form part of a recently signed 60-day interim peace agreement mediated by Qatar and Pakistan. The process brought together U.S. Vice President JD Vance and senior Iranian officials to discuss sanctions relief, maritime security, and a framework for future negotiations on Iran\u2019s nuclear programme.<\/p>\n
Despite this progress, Tehran announced on Saturday that it had again closed the Strait of Hormuz, citing ongoing Israeli military operations in Lebanon and what it described as failures by Washington to uphold commitments related to the interim accord.<\/p>\n
Tensions were further highlighted by a social media post from President Trump on Sunday, warning that the United States would \u201chit Iran very hard again\u201d if Tehran did not stop its \u201chighly paid PROXIES in Lebanon.\u201d Analysts at ING noted that \u201cmoving towards a more permanent deal will be challenging, with very real risks of a flare-up in hostilities during the 60-day ceasefire.\u201d<\/p>\n
Against this backdrop, traders have begun to rebuild a geopolitical risk premium into oil markets, and investors are closely monitoring whether negotiators can keep the peace process on track in the coming days.<\/p>\n
What are current Brent and WTI prices mentioned in the report?<\/strong> How much did oil prices fall last week?<\/strong> What is the duration of the interim peace agreement?<\/strong> Who is involved in the Switzerland talks?<\/strong>
As of 02:18 ET (06:18 GMT) on Monday, August Brent Oil Futures were at $78.92 per barrel and WTI crude futures were at $76.30 per barrel.<\/p>\n
Both Brent and WTI contracts declined by nearly 10% last week.<\/p>\n
The interim peace agreement, mediated by Qatar and Pakistan, has a duration of 60 days.<\/p>\n
The talks involve U.S. Vice President JD Vance, senior Iranian officials, and mediators from Qatar and Pakistan, focusing on sanctions relief, maritime security, and a framework for future nuclear-related negotiations.<\/p>\n