Oil falls as investors assess mixed messaging on Iran peace talks ahead of ceasefire deadline
By Lee Ying Shan
Published on April 21, 2026.
Oil prices fell during Asia hours amid uncertainty over the second round of peace talks between the U.S. and Iran. Reports suggest that U.N. Vice President JD Vance will lead the delegation to Pakistan, while Iran's rhetoric indicates it is not ready for further negotiations. Meanwhile, President Donald Trump has renewed threats of military action against Iran, warning that "lots of bombs" will occur if no agreement is reached before a ceasefire expires. Rystad Energy noted that the Hormuz disruption has led to an upgrade to its 2026 oil price outlook and potentially unlocking up to 2.1 million barrels a day of new supply from South America.
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