NEW YORK — Oil prices rose on Friday after the postponement of planned follow-up talks between the United States and Iran revived uncertainty over the future of a recently announced agreement aimed at reducing tensions and restoring normal energy flows through the Strait of Hormuz, according to market data and officials.
Brent crude and U.S. West Texas Intermediate futures both gained during trading after reports that U.S. Vice President J.D. Vance had postponed travel to Switzerland for discussions linked to the next phase of negotiations with Iran. The delay raised concerns among traders about the durability of the diplomatic process that had helped push oil prices lower earlier in the week.
The talks were expected to build on a memorandum of understanding announced by U.S. and Iranian officials that sought to end months of hostilities and support the reopening of the Strait of Hormuz, a key route for global oil and liquefied natural gas shipments. Following the announcement of the agreement, oil prices had fallen sharply as markets anticipated reduced risks to energy supplies.
However, uncertainty returned after the follow-up discussions were postponed. Details regarding a new date for the meetings remain unclear. Vice President Vance said negotiations were still expected to continue, but logistical and scheduling issues had delayed immediate talks. “Iran is honoring the deal so far,” Vance said earlier this week while discussing the ongoing diplomatic process.
Market participants have closely monitored developments surrounding the Strait of Hormuz, through which a significant share of global oil shipments passes. Shipping activity has begun to recover after disruptions linked to the conflict, with commercial vessels returning to the waterway following the preliminary agreement, according to reports tracking maritime traffic.
Analysts cited by market reports said the postponement of talks injected fresh uncertainty into energy markets, even as some shipping movements resumed and broader concerns about future oil supply remained mixed. Recent comments from U.S. officials have also emphasized that the agreement is not yet final and that further negotiations are required.
As of Friday, U.S. and Iranian officials had not announced a new timetable for the postponed talks. Negotiations linked to a longer-term agreement remained under discussion, while maritime traffic through the Strait of Hormuz continued to recover gradually.
