Oil prices fluctuate amid Middle East conflict and Iran-US tensions

On April 6, 2026, oil prices exhibited mixed trends following reports of indirect contacts between the US and Iran regarding a potential 45-day ceasefire. Brent crude for June delivery traded at $109.70 per barrel, while West Texas Intermediate (WTI) for May delivery was priced at $111 per barrel, despite earlier reports indicating prices above $113 per barrel. The diplomatic efforts involve regional mediators, though sources cited by Axios suggest the probability of a partial agreement within 48 hours is low. The tensions follow US President Donald Trump’s ultimatum for Iran to reopen the Strait of Hormuz by Tuesday, threatening infrastructure strikes. Meanwhile, OPEC and its allies decided to increase oil production quotas by 206,000 barrels per day to stabilize energy markets. President Trump is scheduled to hold a press conference at 20:00 Greek time on Monday. The current market volatility is directly linked to the ongoing conflict in the Middle East and the potential closure of strategic maritime routes.