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 Alarm Bells Sound Over Iran's Hormuz Proposal, Oil Prices Head Back Up Alarm Bells Sound Over Iran's Hormuz Proposal, Oil Prices Head Back Up by Ship & Bunker News Team Thursday August 6, 2026 Tweet Follow @shipandbunker Iran's insistence of control of the Strait plus nuclear development renders a peace accord unlikely: File Image/Pixabay Alarm bells on Thursday again sounded within the oil trading community after officials reported   “good signs” in the U.S ./ Iran peace talks, yet Iran was still firm about its nuclear development capabilities and control over the Strait of Hormuz – meaning the good signs were likely trivial issues. As a result, as of 0755 GMT, Brent gained a mere 48 cents to $79.93 per barrel, and West Texas Intermediate eked out a gain of 29 cents to $75.51 per barrel; however, prices have fallen about 8 percent for the week. For once, headline-driven traders seemed to ignore U.S. secretary of state Marco Rubio ’s assessment of “some good signs” occurring in the talks, and their alarm was stoked by PVM Oil Associates analyst Tamas Varga remarking that global oil inventories were depleting severely as flows via the Hormuz slowed to a trickle. “ There is ⁠understandable anxiety that any new deal could prove equally fragile Tim Waterer, chief market analyst, KCM Trade Tim Waterer , chief market analyst at KCM Trade , said , "Traders still remember the short-lived Memorandum of Understanding signed in June, so there is ⁠understandable anxiety that any new deal could prove equally fragile." Given Washington ’s core objective that Iran relinquish all control of the Hormuz, investors were understandably concer