# Oil and gas markets moved lower after signals of possible US-Iran talks eased supply fears linked to the Strait of Hormuz blockade.

*business · news · 2026-04-14 · The Economic Times*

## Key points

- Oil prices dropped after signals of possible US-Iran talks eased supply fears.
- The International Energy Agency reported a record 10.1 million barrels per day supply loss in March.
- Europe's gas storage is at 29.5 percent, significantly lower than last year's 35.4 percent before winter.
- The US blockade of Iranian ports expanded to the Gulf of Oman and Arabian Sea, but some tankers still passed.

**Countries:** United States, Iran

[Read the full story on The Economic Times](https://economictimes.indiatimes.com/news/international/us/why-are-oil-and-gas-prices-down-today-and-will-brent-crude-and-us-wti-crude-futures-continue-to-drop-or-rise-again-soon-analysts-insights-market-outlook-and-what-should-investors-do-now/articleshow/130256419.cms)

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