WTI, Brent slide as Iran reportedly may halt attacks
Oil tankers and cargo ships are anchored off Sultan Qaboos Port in Muscat, Oman, on June 21, 2026.
Elke Scholiers | Getty Images
Oil prices fell after Iran said it would suspend strikes as long as the United States maintains a pause in hostilities, easing concerns about a conflict that has been escalating for nearly two weeks.
International benchmark Brent crude futures for September delivery fell by 4.88 percent to around $92 per barrel. US West Texas Intermediate crude oil contracts for September delivery similarly fell by over 5% to $84.84 per barrel.
Iran has stated that it will continue to stop attacks as long as the United States refrains from attacking as well. Reuters reported on Sunday, citing a senior Iranian official.
The pause follows Washington’s decision to suspend its bombing campaign after President Donald Trump’s advisers warned the military ran out of viable targets and expressed concerns about depleting US weapons stockpiles.
The Iranian official reportedly said that Tehran’s stance would remain “attack upon attack”: if the attacks stop, Iran will also stop its operations. “This message has already been conveyed to the United States.”
US Ambassador to the United Nations Mike Waltz said on Fox News on Sunday that Trump chose to pause the attacks to allow diplomatic efforts to continue.
Dhiraj Narula, HSBC’s US interest rate strategist, stated that high oil prices contributed to renewed expectations that the Fed may need to keep its policies tighter for longer, but inflation expectations remained relatively limited despite the rise in energy.
He attributed this to Fed officials giving stronger messages about their commitment to price stability; This prevented the oil shock from feeding long-term inflation expectations.
