Oil reverses as Iran raises hopes of fresh negotiations

The sun sets behind oil pumps outside Vaudoy-en-Brie, near Paris, France, March 18, 2026. REUTERS/Christian Hartmann 20 Jul 2026 04:27PM (Updated: 20 Jul 2026 05:12PM) July 20 : Oil prices reversed early gains on Monday after Iran's foreign ministry said negotiations with the U.S. could be pursued based on national interests.Benchmark prices had earlier touched more than one-month highs on concern over disruption to shipments through the Strait of Hormuz.Brent crude futures were down 14 cents, or 0.16 per cent, at $87.96 a barrel by 0852 GMT after hitting $91.42 for their highest since June 11. U.S. West Texas Intermediate crude was down 50 cents, or 0.61 per cent, at $81.99 after touching its loftiest level since June 12. Source: Reuters