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 Craters By 8% After Weekend Pause In U.S./Iran Hostilities Oil Craters By 8% After Weekend Pause In U.S./Iran Hostilities by Ship & Bunker News Team Monday July 27, 2026 Tweet Follow @shipandbunker But critics warn that investors are seeking good news when there isn't any: File Image/Pixabay. Sentiment was largely responsible for a massive 8 percent plummet in oil prices on Monday, as analysts seemingly desperate for any sign of a reduction in hostilities between the U.S. and Iran regarded a mutual halting of fire over the weekend as a possibility that peace negotiations could be resurrected. After U.S. president Donald Trump told reporters that Washington was talking with Tehran “right now,” Brent dropped more than 8 percent to below $88 per barrel at 17:57 GMT, while West Texas Intermediate fell more than 7 percent to around $82 per barrel. Mike Waltz , U.S. ambassador to the United Nations , fortified the perception that diplomacy was still on the table by telling media, “What the president is doing right now, as we’ve seen all along, is giving some talks some space.” “ Prices will only continue lower if high prices once again dent demand John Evans, analyst, PVM All but ignored was the remark by Iranian foreign ministry spokesman Esmaeil Baghaei that Tehran would “never allow America to determine the timing of war and peace” and would “continue to defend ourselves for as long as our interests and considerations require.” Baghaei added that the Strait of Hormuz remained “closed”; for the record, just 29 transits were recorded from Friday to Sunday, according to MarineTraffic data; traffic along Bab el Mandeb in the Red S