Oil Prices Correct After Hitting 100 USD, Market Awaits US-Iran Negotiations

Oil prices fell in Asian trading on Tuesday morning (14/4/2026), buoyed by hopes of further peaceful discussions between the US and Iran that alleviate concerns over energy supply disruptions. The global benchmark Brent crude dropped around 1% to 98.40 USD (Rp 72.85) per barrel, while US-traded oil fell 1.7% to 97.40 USD.

President Donald Trump stated that Tehran had contacted Washington regarding the possibility of a deal. Previously, oil prices had surged above 100 USD per barrel after Trump ordered a blockade of Iranian ports following the failure of negotiations between the two parties over the weekend.

“I can say we’ve been contacted by the other side. They are very keen to make a deal,” Trump told reporters outside the White House on Monday.

Separately, The New York Times reported that Iran had offered to suspend uranium enrichment for five years, but the offer was rejected by the US, which insists on 20 years. The report, citing Iranian and US officials, also mentioned that Washington and Tehran had exchanged proposals to suspend Iran’s nuclear activities during talks in Pakistan, but they remain far from agreement.

However, the report added that the discussions indicate there is still a chance for a peaceful agreement, with the possibility of a second round of face-to-face talks. The BBC has contacted the White House for comment.

Trump’s comments may be seen as “a sign of possible de-escalation,” according to Jiajia Yang, an associate professor at James Cook University, Australia. Another reason for the oil price drop could be traders conducting a short-term correction after the surge on Monday, she added.

The market will closely observe whether Tehran decides to delay its nuclear plans. “A step that would significantly ease tensions,” Yang said.