The first round of peace talks aimed at ending the Iran war are in the books, but the damages stemming from the global oil supply shock will linger for years to come.
Prices for Brent crude, the benchmark for two-thirds of the world’s oil, have moderated from their one-year high of around $114 per barrel in early May to the high-$70s today. But that remains well above the one-year low of around $58 in December 2025, months before the conflict began.
