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 Falls On Renewed Hope For A U.S./Iran Truce - Despite Nuclear Ambitions Staying Put Oil Falls On Renewed Hope For A U.S./Iran Truce - Despite Nuclear Ambitions Staying Put by Ship & Bunker News Team Friday September 25, 2026 Tweet Follow @shipandbunker The deal would supposedly reopen the Strait of Hormuz within a week: File Image/Pixabay Despite numerous incidences suggesting that the values of Washington and Tehran are too far apart for there to be any secure peace between them, oil traders yet again latched onto news that both parties are exploring a path towards a truce – and crude prices as a result fell about 2 percent. Insiders told media that U.S. and Iran negotiators in New York were exploring a phased path out of the war; this coincided with Iranian foreign minister Abbas Araghchi laying out a step-by-step timeline for reopening the Strait of Hormuz . Under the plan, the U.S. would first have four or five days to take steps Iran said were previously established in a memorandum of understanding; the strait could then reopen on the sixth day, with negotiations beginning one day later. “ Any deal with the Iranian regime won't deliver stability to energy prices Former U.S. secretary of state Mike Pompeo “If there is seriousness in the U.S. side to come to a deal and reopen the Strait of Hormuz, everything is now prepared,” Araghchi added. Brent on Friday settled down $2.28 , or 2.1 percent, at $104.32 per barrel, while West Texas Intermediate settled down $2.20 , or 2.3 percent , at $92.41 . Ritterbusch and Associates said in a note, "The complex is again coming under pressure ...while talk of diplomatic progress towa