Iran refused to meet US envoys Jared Kushner and Steve Witkoff in Doha on Tuesday June 30. Oil prices rose as ceasefire hopes dimmed in the ongoing war.

Qatar’s prime minister met the Americans in Doha instead of Iranian officials. Iran’s Foreign Ministry said Hormuz mine clearance falls under June’s memorandum of understanding (MoU) and needs no outside help, according to Al Jazeera.

Why Tehran Is Staying Away From Doha

Alex Vatanka, a senior fellow at the Middle East Institute, said Iran’s foreign minister, Abbas Araghchi, and speaker Mohammad Bagher Ghalibaf fear a Doha visit could backfire at home. Both officials want visible progress on the MoU signed June 17 first.

“In Tehran they’re asking where’s the action on the MoU? Why are Iranian assets still frozen? Why is Israel still in Lebanon?”
— Alex Vatanka, Al Jazeera

Ghalibaf said Tehran will not negotiate a final deal until Washington meets every MoU condition. Those conditions include unfreezing Iranian funds and ending hostilities in Lebanon. Iran signed the memorandum on June 17, but says Washington has not met these terms yet.

Oil Climbs as Hormuz Risk Lingers

Brent crude peaked at $74.75 a barrel on Tuesday before settling to $73.29 early on Wednesday as traders keep close tabs on Iran’s dealings with the US envoys. Brent had briefly dipped after supertankers resumed Hormuz transit last week.

Vice President JD Vance said tanker traffic through the strait has reached pre-war levels. He also said Iran will not collect tolls from ships passing through Hormuz.

“This is not going to end in a place where the Iranians are collecting tolls on ships going through the Strait of Hormuz.”
— JD Vance, Reuters

US crude inventories fell 6.1 million barrels last week. The International Energy Agency warned in May that global markets would stay undersupplied through the third quarter of 2026.

Brent lost about $45 a barrel between the first and second quarters, its steepest quarterly drop since 2008. WTI fell around $31 in the same period, its biggest drop since 2020. Both benchmarks reversed course as the war de-escalated, pulling back from gains triggered by earlier Iran strikes.

Source: BeInCrypto