Brent crude oil futures rose by about 2%, reaching $107.56 per barrel, following the collapse of planned second-round peace negotiations between the U.S. and Iran. President Donald Trump canceled a planned envoy trip to Pakistan, citing internal confusion within Iran's leadership. Furthermore, Iran's Foreign Ministry confirmed that no meeting between Iran and the U.S. was scheduled. These developments fueled market volatility amid ongoing regional tensions near the Strait of Hormuz.
Oil prices rose significantly after plans for a second round of peace negotiations between the United States and Iran reportedly fell apart. International benchmark Brent crude futures climbed by approximately 2% to reach $107.56 per barrel by the close of trading on April 18, 2026.
The escalation in oil prices followed the cancellation of planned diplomatic efforts. Key developments included:
While Iranian Foreign Minister Abbas Araghchi traveled to Pakistan over the weekend, reports indicated that his meetings were limited to Pakistani officials. The geopolitical tension remains focused on regional flashpoints, including activities near the Strait of Hormuz.