Oil prices wobble as breakdown in U.S.-Iran talks casts doubt over peace process

A traditional dhow boat is seen at sea, with towering skyscrapers on the Doha Corniche in the background in Doha, Qatar, on June 29, 2026. Nurphoto | Nurphoto | Getty Images Oil prices were slightly lower on Wednesday, after Iran said it would not meet with U.S. delegates for talks in Qatar, amplifying concern about the peace process. International benchmark Brent crude futures with September delivery traded 0.3% lower at $72.72 per barrel at around 9:28 a.m. (4:28 a.m. ET). The contract dropped roughly 21% last month, notching its largest monthly decline since March 2020. U.S. West Texas Intermediate futures with August delivery fell 0.5% to $69.17, erasing earlier gains. The contract dropped more than 20% in June, reflecting its worst monthly performance since late 2021. The moves come after Iranian officials said Tehran and Washington still needed to work out the terms of the interim peace deal signed last month before they could then tackle more difficult topics, such as possible limits to its nuclear program, Reuters reported . Stock Chart Icon Stock chart icon Brent crude futures and WTI futures over the last three months. President Donald Trump's son-in-law Jared Kushner and U.S. special envoy Steve Witkoff arrived in Doha on Tuesday, although a Qatari government spokesperson said they would meet mediators, not directly with Iranians. The U.S. …