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Oil Posts Biggest Weekly Loss Since 2020 Ahead of Iran-US Talks

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By Mia Gindis, Alex Longley, and Rong Wei Neo

April 9, 2026 at 10:01 PM UTC

Updated on

April 10, 2026 at 7:42 PM UTC

Oil edged lower in relatively light trading before highly-anticipated talks between Iran and the US, negotiations that will dictate the path ahead for their fragile truce.

West Texas Intermediate fell 1.3% to settle below $97 a barrel, with futures down about 13.4% this week, the biggest retreat in six years. Brent oil ended the day lower at around $95.