Oil slides after Pakistan flags new US–Iran talks

April 24, 2026 (MLN): Oil markets turned lower on Friday after reports emerged that Iran’s Foreign Minister Abbas Araghchi is expected to arrive in Islamabad for a possible second round of peace talks with the United States, easing fears of near-term geopolitical escalation.

Brent crude, which had climbed to around $106 per barrel earlier in the session, reversed course and slipped to $104.34, down $0.73 or 0.69%, according to data from Mettis Global.

West Texas Intermediate (WTI) also declined $1.33, or 1.39%, to $94.52 per barrel as of 5:16 pm PST.

The pullback reflected a reduction in the geopolitical risk premium, as traders responded to expectations that renewed Iran–US dialogue could help ease tensions in a region critical to global crude supply flows.

The shift in sentiment also rippled through financial markets, particularly in Pakistan, where equities recovered strongly after early weakness linked to volatile energy prices and uncertainty over global developments.

The Pakistan Stock Exchange  saw a sharp intraday rebound, with the benchmark KSE-100 Index closing at 170,672.04, up 1,498.67 points or 0.89%. The index experienced heavy volatility throughout the session, moving within a 5,260.61-point range, hitting a high of 171,641.32 and a low of 166,380.71.

The late recovery was driven by improved risk sentiment as oil prices eased and investors weighed the possibility of diplomatic progress reducing global uncertainty. 

Pakistan’s continued relevance in regional diplomacy is often shaped by its geographic position at the junction of South Asia, the Middle East, and Central Asia, along with its longstanding political and economic linkages across these regions.

That role is not new. In the 1970s, particularly in the aftermath of the oil shocks and amid shifting global alignments, Pakistan’s position carried added weight as a practical bridge between Gulf states, Western partners, and South Asia.

Copyright Mettis Link News