Oil falls over 7% as US-Iran peace talks advance
The gist
Brent settled 7.63% lower at $104.77 and WTI fell 7.36% to $96.46 as Iranian-Qatari talks raised peace hopes.
Prices remain roughly $45 a barrel above a year ago, so the war risk premium is only partly unwinding.
How it unfolded
- Feb 28, 2026Military action in the Middle East and the de facto closure of the Strait of Hormuz drove a sharp rise in crude and petroleum product prices.
- Mar 6, 2026U.S. crude breached $90 for the first time since 2023, jumping 12.2% to $90.90; Brent settled at $92.69.
- Mar 12, 2026Brent surpassed $100 a barrel and generally increased through the month.