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 Plunges As Trump Ceases Iran Bombing And Announces Imminent Peace Deal Signing Oil Plunges As Trump Ceases Iran Bombing And Announces Imminent Peace Deal Signing by Ship & Bunker News Team Thursday June 11, 2026 Tweet Follow @shipandbunker Iran and the UAE also met face to face Thursday in a show of diplomacy: File Image/Pixabay U.S. president Donald Trump took oil investors on an especially wild ride on Thursday, causing them early in the session to propel the commodity upwards as he resumed bombing Iran and then prompting  a dramatic price reverse as he suspended hostilities and stated that the time and place for the signing of a peace agreement will “be announced shortly.” West Texas Intermediate fell 3.2 percent to $87.19 after erasing earlier gains, while Brent fell 3.5 percent to $89.89 per barrel. Trump stated on his social media network that “discussions and final points have been, in both concept and great detail, approved by all parties involved.” “ Discussions and final points have been....approved by all parties involved U.S. president Donald Trump Earlier on Thursday, the United Arab Emirates and Iran met for the first time since the start of the U.S./Iran war, with the dialogue between the two rivals seen as an effort among Gulf states to end the conflict through diplomacy. However, Bloomberg noted  that the hostilities have taken their toll on global markets despite workarounds that have helped keep oil supplies from depleting: the news agency pointed out that U.S. crude stockpiles are “down by more than 70 million barrels over the last five weeks, a decline of more than 2 million barrels per day :