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 Traders Price In U.S./Iran Agreement - Before One Is Even Ratified Oil Extends Losses As Traders Price In U.S./Iran Agreement - Before One Is Even Ratified by Ship & Bunker News Team Tuesday August 4, 2026 Tweet Follow @shipandbunker Meanwhile, over 2.6 billion barrels of oil have been lost due to hostilities: Aramco: File Image/Pixabay Oil on Tuesday extended  its losses as investors chose to be optimistic about the latest round of mixed messages emanating from the U.S. and Iran regarding a diplomatic resolution to the war between the two countries - and despite reports revealing a massive global loss of crude since the hostilities began. As of 1519 GMT, Brent fell $3.30 to $80.47 per barrel, and West Texas Intermediate dropped $3.67 to $76.67 per barrel. The source of optimism was U.S. secretary of state Marco Rubio , who claimed there was progress in talks with Iran and Oman ⁠about moving more ships through the Strait of Hormuz . “ Risks around the Strait of Hormuz and Bab el-Mandeb continue to threaten supply. Al Salazar, director, Enverus Intelligence Research Treasury secretary Scott Bessent suggested that a final agreement to reopen the Strait could come within 24 hours. Simon-Peter Massabni , head of business development at XS.com , said, "If negotiations between the United States and Iran make meaningful progress, the market could continue pricing in a lower probability of supply disruptions, further reducing the geopolitical risk premium embedded in crude prices." But the optimism was amid profound concerns about the feasibility of peace between Iran and the U.S. as well as the damage the wa