{"id":35566,"date":"2026-05-27T08:11:54","date_gmt":"2026-05-27T06:11:54","guid":{"rendered":"https:\/\/www.channelafrica.co.za\/channelafrica\/?post_type=news&#038;p=35566"},"modified":"2026-05-27T08:11:54","modified_gmt":"2026-05-27T06:11:54","slug":"oil-pulls-back-as-traders-look-for-progress-on-us-iran-talks","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/oil-pulls-back-as-traders-look-for-progress-on-us-iran-talks\/","title":{"rendered":"Oil pulls back as traders look for progress on US, Iran talks"},"content":{"rendered":"<div>Oil prices pulled back from recent highs on Wednesday, erasing some of \u200bthe previous day&#8217;s 4% gain as traders sought \u200cclarity on complex negotiations between Iran and the United States (US) after renewed hostilities set back efforts to reopen the Strait \u200bof Hormuz.<\/div>\n<div><\/div>\n<div>Brent crude futures fell $1.42, or 1.43%, to $98.16 \u200ba barrel, while \u2060US West Texas Intermediate (WTI) crude lost $1.66, or 1.77%, \u200bto $92.23 a barrel.<\/div>\n<div><\/div>\n<div>Oil surged on Tuesday after the US \u200bmilitary carried out new strikes in Iran, hurting hopes over the weekend that the US and Iran would reach \u200ban agreement to end the war.<\/div>\n<div><\/div>\n<div>Iran said on \u200bTuesday the US had violated a ceasefire by striking targets \u200cnear \u2060the contested Strait of Hormuz, while the US said its strikes were defensive in nature.<\/div>\n<div><\/div>\n<div>Following an April ceasefire in the three-month long conflict, both sides \u200bindicated they had \u200bmade progress \u2060on talks toward reopening the Strait, a key conduit for global oil and gas \u200bflows. But rising hostilities now threaten those \u200bnegotiations.<\/div>\n<div><\/div>\n<div>Israel \u2060ramped up bombing on Lebanon on Tuesday, further straining peace efforts.<\/div>\n<div><\/div>\n<div>&#8211;Reuters&#8211;<\/div>\n","protected":false},"featured_media":15962,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-35566","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"","published_date":"","news_description":"Oil prices pulled back from recent highs on Wednesday","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35566\/revisions"}],"predecessor-version":[{"id":35567,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35566\/revisions\/35567"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/15962"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=35566"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=35566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}