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 Headed For Weekly Loss As Peace Talk Optimism Bleeds Out Oil Headed For Weekly Loss As Peace Talk Optimism Bleeds Out by Ship & Bunker News Team Friday May 22, 2026 Tweet Follow @shipandbunker The EU warns that the U.S./Iran war will driver inflation to 3.1 percent: File Image/Pixabay With doubt mounting that the U.S. and Iran will agree to any peace proposals despite protracted talks between the two countries, oil on Friday recorded  another round of gains, but the anticipation of an end to hostilities in earlier sessions explained why the commodity was headed towards a weekly loss. Weekly, Brent was 5 percent lower and West Texas Intermediate shed over 8 percent . For Friday, as of 1653 GMT, Brent was up 82 cents at $103.40 per barrel, and WTI rose 54 cents to $96.89 per barrel. “ We expect that this energy inflation will gradually also trickle down Valdis Dombrovskis, European Union While Pakistan continued to facilitate talk with Iran, a negotiating team from Qatar arrived in Tehran on Friday in coordination with the U.S. to help secure a deal, according to someone with knowledge of the matter. Meanwhile, oil stockpiles around the world continued to be consumed, as Iran continued to block the Strait of Hormuz and the U.S. maintained its no access policy to Iranian ports in retaliation; this caused the United Arab Emirates ’ ADNOC to point out that even if the waterway was deemed fully open now, full oil flows through the Strait wouldn’t be achieved until the first or second quarters of 2027. BMI was the latest company to predict what this would do to prices: it raised its average 2026 dated Brent price forecast to