Wan Si postponed his trip to Switzerland to attend the Iran negotiations, causing an increase in oil prices.

After Vice President JD Vance canceled his trip to Switzerland to participate in peace talks with Iran, Brent crude oil rose to above $80 per barrel. Brent crude oil rose 0.5% to $80.23 per barrel, while West Texas Intermediate crude rose 1.25% to $77.56 per barrel. Vance was originally tasked with overseeing the ceremonial signing of an agreement with Tehran. Kathleen Brooks of XTB wrote: "The market's fervor for reaching an agreement has shifted to some skepticism, as the agreement is only temporary and not a peace treaty." Brooks added that oil trading on Friday may be volatile as increased oil flow through the Strait of Hormuz and concerns about the peace terms intertwine. These two benchmark crude oils are still expected to record significant weekly declines.