# Crude oil prices gain amid US-Iran talks uncertainty; Brent crude at $73 per barrel — retained record

> Retained news record from news:india-mint-markets.

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source: [news](https://highsignal.app/data/news) (news:india-mint-markets)  published 2026-07-01 02:09 ingested 2026-07-01 09:45

[original source ↗](https://www.livemint.com/market/commodities/crude-oil-prices-gain-amid-us-iran-talks-uncertainty-brent-crude-at-73-per-barrel-11782871144815.html)

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US-Iran war: Oil prices edged higher in early trading on Wednesday, 1 July, after Iran said it would not hold direct talks with US officials, raising fresh concerns over the fragile ceasefire that has temporarily halted the four-month-long conflict between the two countries.
Brent crude futures gained 50 cents, or 0.69%, to $73.45 a barrel, while US West Texas Intermediate (WTI) crude rose 63 cents, or 0.91%, to $70.13 a barrel.
US President Donald Trump's son-in-law, Jared Kushner, and special envoy Steve Witkoff arrived in Doha on Tuesday for what the White House described as high-level discussions. However, Iran and host nation Qatar clarified that the US delegation would engage with mediators rather than Iranian representatives directly. Qatar said Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani was among the officials who met Witkoff and Kushner.
Despite Wednesday's gains, oil prices remain under pressure after posting steep quarterly declines. Brent crude dropped about $45 per barrel between the first and second quarters of the year, marking its biggest quarterly fall since the 2008 global financial crisis. US crude futures tumbled roughly $31 per barrel over the same period, the sharpest decline since 2020, when the COVID-19 pandemic severely hit global fuel demand.
The sharp correction came as progress toward de-escalating tensions in the Middle East reversed the risk premium that had driven prices higher during the conflict.
A Reuters poll released on Tuesday showed analysts lowered their 2026 oil price forecasts for the first time since the Iran conflict began, ending five consecutive months of upward revisions. The reopening of the Strait of Hormuz has eased concerns about prolonged disruptions to global oil supplies.
Meanwhile, US Vice President JD Vance reiterated that Washington would not allow Iran to impose transit fees on vessels passing through the Strait of Hormuz, saying the situation would not end with Iran "collecting tolls on ships" using the strategically important waterway.
(With inputs from Reuters)
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.
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document fetched 2026-07-01 09:45 · canonical https://livemint.com/market/commodities/crude-oil-prices-gain-amid-us-iran-talks-uncertainty-brent-crude-at-73-per-barrel-11782871144815.html