Crude oil prices rose on Friday, June 19, 2026, reversing a week-long decline. Negotiators cancelled planned follow-up talks between the U.S. and Iran in Switzerland. U.S. Vice President J.D. Vance dropped his travel plans, triggering the cancellation. This move introduced fresh uncertainty regarding the peace agreement allowing shipping through the Strait of Hormuz.
Market participants had previously priced in a return of stranded oil supply. Brent and WTI benchmarks hit their lowest levels since March earlier in the week. The prospect of 85 million barrels of stranded crude re-entering the market drove prices down roughly 8% for the week.
Brent crude rose back above $80 a barrel during morning trade. WTI climbed over 1.7% to nearly $78 a barrel. Traders reassessed the risk of the truce unraveling, overshadowing an IEA report forecasting a potential supply glut in 2027.