Iran Snubs US Envoys in Doha, Dimming Ceasefire Hopes as Oil Rises
Iran refused to fulfill US envoys Jared Kushner and Steve Witkoff in Doha on Tuesday June 30. Oil costs rose as ceasefire hopes dimmed in the continuing battle.
Qatar’s prime minister met the Americans in Doha as a substitute of Iranian officers. Iran’s Foreign Ministry stated Hormuz mine clearance falls underneath June’s memorandum of understanding (MoU) and wishes no exterior assist, in accordance with Al Jazeera.
Why Tehran Is Staying Away From Doha
Alex Vatanka, a senior fellow on the Middle East Institute, stated Iran’s international minister, Abbas Araghchi, and speaker Mohammad Bagher Ghalibaf worry a Doha go to might backfire at dwelling. Both officers need seen progress on the MoU signed June 17 first.
“In Tehran they’re asking the place’s the motion on the MoU? Why are Iranian property nonetheless frozen? Why is Israel nonetheless in Lebanon?”
— Alex Vatanka, Al Jazeera
Ghalibaf stated Tehran is not going to negotiate a closing deal till Washington meets each MoU situation. Those circumstances embody unfreezing Iranian funds and ending hostilities in Lebanon. Iran signed the memorandum on June 17, however says Washington has not met these phrases but.
Oil Climbs as Hormuz Risk Lingers
Brent crude peaked at $74.75 a barrel on Tuesday earlier than settling to $73.29 early on Wednesday as merchants hold shut tabs on Iran’s dealings with the US envoys. Brent had briefly dipped after supertankers resumed Hormuz transit final week.
Vice President JD Vance stated tanker site visitors via the strait has reached pre-war ranges. He additionally stated Iran is not going to accumulate tolls from ships passing via Hormuz.
“This is just not going to finish in a spot the place the Iranians are amassing tolls on ships going via the Strait of Hormuz.”
— JD Vance, Reuters
US crude inventories fell 6.1 million barrels last week. The International Energy Agency warned in May that world markets would stay undersupplied via the third quarter of 2026.
Brent lost about $45 a barrel between the primary and second quarters, its steepest quarterly drop since 2008. WTI fell round $31 in the identical interval, its greatest drop since 2020. Both benchmarks reversed course as the battle de-escalated, pulling again from beneficial properties triggered by earlier Iran strikes.
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