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 Rangebound After Strait Attacks, Suspicions That U.S./Iran Peace Is Unfeasible Oil Rangebound After Strait Attacks, Suspicions That U.S./Iran Peace Is Unfeasible by Ship & Bunker News Team Wednesday August 12, 2026 Tweet Follow @shipandbunker Meanwhile, the IEA sees a contraction of oil demand this year: File Image/Pixabay Oil eked out minimal gains  on Wednesday amid the numbing effects on sentiment of the impasse in the U.S./Iran peace talks, as well as further attacks on vessels transiting both the Strait of Hormuz and the Bab el-Mandeb straits. The Iran-aligned Houthis were responsible for separate attacks in both straits (with the Bab el-Mandeb strike killing six people), and this combined with data showing that transits through the Hormuz fell to eight on Tuesday compared to pre-war numbers of 125-140 vessels maintained these regions as a major source of analytical concern. As for the talks, which to hawks always seemed like a hopeless diplomatic exercise, a senior Iranian source told Reuters there were no discussions between Iran and the U.S. to extend their ceasefire because, from Tehran 's perspective, the deal had no start date and so there was nothing to extend. “ Optimism...is steadily being replaced by a more cautious, risk-premium-driven stance Tim Waterer, chief market ‌analyst, KCM Trade As a result, Brent settled up 7 cents to $88.98 per barrel, and West Texas Intermediate also settled up 7 cents to $83.27. Additionally, oil demand outlooks were revised downward by the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency , the latter of which predicted  a 1.