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 Extends Losses As Oman Proposes "Voluntary" Fees For Hormuz Transits Oil Extends Losses As Oman Proposes "Voluntary" Fees For Hormuz Transits by Ship & Bunker News Team Tuesday July 28, 2026 Tweet Follow @shipandbunker Meanwhile, Trump prevents Israel from attacking Iran's energy assets: File Image/Pixabay Oil on Tuesday extended  its losses, this time by about 5 percent , as an unusually optimistic market continued to think peace between the U.S. and Iran was possible as a suspension of military strikes between the two countries continued. As of 1601 GMT, Brent fell $4.61 , or 5.2 percent , to $83.75 per barrel, and ‌West Texas Intermediate fell $4.06 , or 4.9 percent , to $78.55 ; both benchmarks dropped about 17 percent over three days. Doves were mollified on Tuesday when Israel Katz , Israel ’s defense minister, told media that U.S. president Donald Trump was preventing his country from striking energy targets in Iran. “ We're prepared to set [Iran] back 40 years Israel Katz, defence minister, Israel Katz said , “The United States is not approving it at the moment because of the concern that Iran would attack neighbouring countries, causing a global oil crisis…..as far as we’re concerned, we’re prepared to set [Iran] back 40 years.” Positive sentiment – at least as far as oil investors were concerned – was also generated by a Gulf source and a Western diplomat telling media that Oman had presented Iran with a plan backed by Gulf states to manage the Strait of Hormuz , including collecting voluntary fees for its usage. Adding to the optimism was Trump himself, who reported "good talks" underway with Iran; however,