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 Set For Record Weekly Decline Despite Escalating U.S./Iran Tensions Oil Set For Record Weekly Decline Despite Escalating U.S./Iran Tensions by Ship & Bunker News Team Friday June 26, 2026 Tweet Follow @shipandbunker Analysts insist that both countries are committed to a peace deal, despite hiccups: File Image/Pixabay A drone attack by Iran on a cargo ship near Oman in the Strait of Hormuz did little to alter oil’s downward trajectory on Friday: by mid-session Brent was trading  4 percent lower at $72.02 per barrel, and West Texas Intermediate dropped 3.6 percent to $69.34 per barrel. This contributed to oil being poised for a record sixth consecutive weekly decline. While the steady price declines reflect a remarkably resilient analytical sentiment that peace negotiations between Washington and Tehran over the next few months will be successful, Iran in a matter of days has violated the ceasefire agreement between the two countries, and tensions in the Middle East are ramping up. “ Nothing really has been resolved Scott Nations, president, Nations Indexes Iran’s foreign ministry responded to criticism over its cargo ship attack by reiterating that “safe passage through the Strait of Hormuz is not guaranteed” for ships that do not first seek authorization from Tehran to navigate the waterway." Exacerbating the situation is the U.S., and Iran disagreeing over the use of funds covered by the 60-day Memorandum of Understanding, as well as concern that Oman will collaborate with Iran to collect fees for safe passage through the Hormuz. Also, Oman authorities on Friday told  European officials that “there’s no way of go