Oil prices dip as Trump touts ‘productive’ talks with Tehran

Oil prices dipped Monday as President Trump touted what he described as “productive” talks with Iran.

Oil prices actually dropped a few minutes prior to Trump’s Truth Social Post.

International benchmark brent crude was trading at about $102 per barrel on Monday, down from about $113 per barrel earlier in the day. U.S. benchmark WTI was trading at about $90 per barrel, down from over $100 per barrel previously.

Oil prices were still well above where they were prior to the conflict bringing high gasoline prices with them and raising fears of reverberations on the broader economy.

Prices calmed down somewhat as Trump announced that the U.S. and Iran “have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.”

Since the start of the conflict, prices have jumped because of the effective closure of the Strait of Hormuz, a key oil shipping channel near Iran that a fifth of the world’s oil moves through. Prices have gone up as the conflict has stretched on amid fears that a prolonged closure could squeeze supply.

Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

More Energy & Environment News

GOP cracks in Senate begin to show in DHS shutdown fight

Republicans reject Democrats’ effort to pay TSA by suspending Senate rules

Trump: US isn’t negotiating with Iran’s supreme leader

Homan: ICE officers will not assist with airport security scanning amid TSA ...

Iran says it’s not in negotiations with the US, ‘Trump backed down’

Manchin urges Democrats to ‘stand up’ to Senate GOP amid push to nix ...

Trump: No shutdown deal until Democrats support SAVE America Act

Cruz proposes splitting ICE from Homeland Security funding bill to end airport ...

Bessent responds to Trump’s post about Mueller’s death

JFK suspends wait time reporting amid DHS shutdown

Christie on Trump response to Mueller death: ‘What a child does’

USS Gerald R. Ford aircraft carrier leaves Middle East amid Iran fight

Watch live: Trump highlights Memphis crime task force

How the war with Iran is actually going

Trump calls airports ‘fertile territory’ for ICE

Supreme Court backs officer seeking immunity from Vermont House protester’s ...

Speaker Mike Johnson faces potential attendance problems as major bills loom

Iranian foreign minister says country won’t be ‘swayed by more ...

© The Hill