Brent Reverses After Touching $90 as Tehran Signals Possible Talks

Global oil prices reversed lower on Monday, July 20, 2026, giving up all their gains after Brent briefly traded above $90 a barrel during the session. Brent for September delivery settled about 0.4 percent lower near $87.77 a barrel, while U.S. West Texas Intermediate for August delivery fell about 0.9 percent to roughly $81.74.

The turn came after Esmail Baghaei, spokesman for Iran's foreign ministry, told a news conference on Monday that negotiations with the United States could be pursued based on national interests, adding that intermediaries were still exchanging messages and that new proposals had reached Tehran. Traders read the remarks as a sign that a path back to talks might reopen and pared some of the geopolitical risk premium that had weighed on crude for weeks.

The shift matters for Iran's markets too. Alongside the easing tension, the free market dollar in Tehran retreated on Monday to around 187,000 to 190,000 tomans, and selling pressure carried into the domestic gold and coin market.