Hormuz Deadlock: Where oil prices could head next as prospects for an imminent deal fade

A view of commercial cargo vessels and crude oil tankers are anchored in the Gulf of Oman, off the coast of Muscat, Oman, on June 21, 2026, as they prepare to transit through the critical Strait of Hormuz.Shady Alassar | Anadolu | Getty ImagesOil prices remain below their recent peaks even as prospects for a quick reopening of the Strait of Hormuz fade, a disconnect analysts warn may not last.Brent crude futures ended last week down more than 7% following signals from Washington that an agreement with Tehran to unblock the vital maritime chokepoint was in sight. An agreement is yet to materialize, with prospects for a deal appearing to deteriorate over the weekend. Tehran is now adamant that Washington must adhere to several conditions before the strait can reopen. U.S. President Donald Trump, meanwhile, has signaled a shift in strategy, telling news outlet Axios on Sunday that Washington was "low-keying it" and hinting the administration would rely on mounting economic pressure on Tehran rather than immediate fresh military strikes.International benchmark Brent crude was closing in on $88 a barrel in early trading on Tuesday, up from around $83 at the end of last week. That rise s...