Oil slips following US-Iran agreement on 60-Day framework

June 22, 2026 (MLN): Oil prices retreated Monday after Qatar and Pakistan, serving as mediators, confirmed that American and Iranian officials had agreed on a framework aimed at finalising a peace agreement within 60 days.

Currently, Brent crude futures is down by $1.17, or 1.45%, to $79.4 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is down by $0.21, or 0.28%, to $75.64 per barrel by [9:33 am] PST.

In a joint communiqué issued following talks held at Switzerland's Bürgenstock resort, the two mediating nations said technical negotiations would continue through the week, with a high-level oversight committee set to be established to supervise the mediation process, CNBC reported.

The development follows fresh tensions after US President Donald Trump, warned of renewed military action against Iran, casting a shadow over an already fragile interim peace accord reached the previous week.

His remarks coincided with a visit to Switzerland by Vice President JD Vance, who held meetings with Iranian officials  sessions that were overshadowed by Tehran's move to once again shut the Strait of Hormuz.

The Bürgenstock discussions marked the first formal negotiations since Washington and Tehran inked a memorandum of understanding last week, under which both sides committed to ending hostilities and extending a ceasefire for at least 60 days.

The agreement had also mandated the reopening of the Strait of Hormuz and a cessation of regional hostilities, including in Lebanon.

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