You are using an outdated browser For a better experience using this site, please upgrade to a modern web browser. Subscribe Get Daily Email Subscribe --> Contact Us Sign in Home News & Features Compliance Costs Bunker Prices Bunker Intelligence World News Latest Features World Americas EMEA Asia/Pacific Home News & Features World Oil Flat As Traders Try To Reconcile Reports Of Hormuz Deal With Iran Vowing To Develop Nuclear Weapon Oil Flat As Traders Try To Reconcile Reports Of Hormuz Deal With Iran Vowing To Develop Nuclear Weapon by Ship & Bunker News Team Wednesday August 5, 2026 Tweet Follow @shipandbunker Meanwhile, Donald Trump girds for a resumption of strikes against the Islamic republic: File Image/Pixabay. Oil trading on Wednesday was tepid as investors seemed to grasp that the U.S. and Iran were engaged in a ceaseless cycle of hostility, mixed messages and pauses that only heralded more conflict – with Iran’s latest declaration being that as long as the U.S, and Israel have nuclear weapons, it will continue to develop its own. Given Washington’ s motivation to keep bombing Iran until its nuclear capabilities are obliterated, analysts braced for a continued impasse between the two countries – and more disruption of oil flows through the Strait of Hormuz . After U.S. president Donald Trump said an “all-day negotiation” was taking place with Iran and Iran denied that talks were underway, Brent crude futures settled up 9 cents at $79.45 per barrel; West Texas Intermediate futures fell 55 cents to $75.22 per barrel. “ This agreement seems as tenuous as past agreements Phil Flynn, senior market analyst, Price Futures Group Inc. The market was seemingly unimpressed with reports of a deal being ratified regarding the Hormuz: two regional officials told  the Associated Press that a draft agreement between Iranian and Omani negotiators had been finalized and would direct ships entering the Persian Gulf through waters controlled by Iran, while vess