Oil tankers and cargo vessels remain anchored off Port Sultan Qaboos on June 21, 2026 in Muscat, Oman. The Strait of Hormuz, a vital shipping route for the region’s oil and gas, was effectively blockaded since the outbreak of war between the United States and Iran in late February. On Sunday, U.S. Vice President JD Vance arrived in Switzerland for high-level talks with the Iranian delegation, as the two sides seek to clarify the terms of ending the war.
Elke Scholiers | Getty Images News | Getty Images
Oil edged higher on Monday after renewed military strikes between the U.S. and Iran reignited concerns over crude supplies from the Middle East.
West Texas Intermediate futures edged higher by 0.71% to $69.72 a barrel, falling below $70 on Friday for the first time since Feb. 27 — the day before the start of the Iran war. International Brent climbed 0.36% to $72.25.
Talks aimed at ending the conflict between the U.S. and Iran have reportedly been paused after Washington launched strikes on Iranian military sites in response to Tehran’s latest attacks on commercial shipping in the Strait of Hormuz.
A Pakistani source involved in the negotiations told MS NOW that discussions had been put on hold, although representatives from all parties remain in Switzerland and are ready to resume talks once approval is given. The source did not specify who initiated the pause.
A senior Trump administration official disputed reports that negotiations had been abandoned, saying: “Nothing has been cancelled.” The official added that “Technical talks regarding the implementation of [memorandum of understanding] are on track for the coming days as planned.”
A U.S. official later told CNBC Sunday that “Technical talks are slated to continue on all areas of the MOU.”
“Both sides will stand down for now and vessels can move freely,” the official said.
The latest diplomatic uncertainty followed a renewed flare-up in hostilities. President Donald Trump warned Iran of devastating consequences after U.S. forces targeted Iranian military facilities in retaliation for attacks on shipping through the strategically important Strait of Hormuz.
Iran’s neighboring countries, Kuwait and Bahrain, both reported missile and drone attacks overnight.
Trump wrote on Truth Social: “United States aircraft just struck Iranian missile and drone storage locations, and coastal radar sites, for violating the Cease Fire Agreement, AGAIN!”
— CNBC’s Azhar Sukri and Garrett Downs contributed to this report
