Oil prices are mixed in early trade, yet may receive a boost as U.S.‑Iran talks stall over reopening the Strait of Hormuz, a vital waterway for one‑fifth of global oil.

"Hopes of an imminent deal to resolve the Strait of Hormuz impasse have faded of late, as the U.S. and Iran have been digging in on their positions," says Amarpreet Singh of Barclays’ Commodities Research. The stalled negotiations raise concerns that any sudden escalation could choke the flow of oil through the Strait, a chokepoint that handles roughly 20% of world shipments.

Barclays keeps its Brent crude oil forecast at $96.00 per barrel for 2026. Front‑month WTI crude futures trade flat at $82.39 per barrel, while front‑month Brent futures are 0.2% higher at $88.72 per barrel. These levels reflect a market that is sensitive to geopolitical risk and supply outlooks.

Analysts note that the uncertainty surrounding the Strait of Hormuz continues to weigh on sentiment, making oil prices vulnerable to any diplomatic shift or escalation. Investors remain cautious, watching for signals that could either lift or further dampen price momentum.