By Callum Keown and Anita Hamilton
Oil prices settled higher Monday as the U.S. and Iran agreed to halt strikes around the Strait of Hormuz and President Donald Trump said that Iran had asked to meet on Tuesday.
"The meeting in Doha is going to be perhaps important, perhaps not. We're going to find out. But we're winning militarily," Trump told reporters in the Oval Office Monday afternoon.
The tit-for-tat fighting, which began Thursday, will end and peace talks will resume, The Wall Street Journal reported late Sunday, citing U.S. officials.
But the strikes threatened to undermine peace efforts and the uncertainty has crept back into oil markets. Brent crude futures, the international benchmark, settled up 1.8% to $73.91, while West Texas Intermediate futures climbed 2.2% to $70.75. Both benchmarks have fallen 20% in June but remain around 20% higher in 2026.
"All eyes are back on the Middle East after renewed tensions despite efforts to bring the war to an end," AJ Bell Investment Director Russ Mould said. "Investors will want greater reassurance that the cease-fire is lasting and not a flash in the pan," he added.
Write to Callum Keown at [email protected] and Anita Hamilton at [email protected]
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