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Crude Oil Falls on July 16 as Iran-US Talks Continue Despite Red Sea Blockade Threat

2026-07-16 22:09:13

According to Yonhapinfomax, oil prices declined on July 16 (U.S. Eastern Time) as negotiations between the U.S. and Iran continued despite Tehran's threat to blockade the Red Sea. August WTI crude fell 0.82% to $78.95 per barrel, while September Brent crude dropped 0.85% to $84.23 per barrel on the New York Mercantile Exchange. Earlier in the session, prices had risen over 1% on reports that Iran instructed Houthi forces in Yemen to block the Strait of Bab el-Mandeb if U.S. forces attacked Iranian military facilities. White House Press Secretary Karolina Leavitt stated the U.S. and Iran remain in dialogue and that Tehran seeks an agreement.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

Related News

WTI Crude Falls to $78.95, Brent Drops to $84.23 on July 17

Brent Crude Falls to $84.23 on U.S.–Iran Tensions, Down 0.9% Today

WTI Crude Falls 2.00% to $78.13 Per Barrel During Intraday Trading

WTI Crude Oil Falls Below $79 per Barrel, Down 0.92% Intraday

Brent Crude Falls Below $84 per Barrel, Down 0.81% Intraday

In-Depth Analysis

Gold Prices Fall 1.58% as Iran Threatens Red Sea Blockade

Lucas Bennett2h ago

Gold and Silver Decline as Treasury Yields Firm After U.S. Data

Lucas Bennett3h ago

Oil Prices Rise as US-Iran Military Escalation Continues Near Strait of Hormuz

Lucas Bennett07-15 22:03

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