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 Declines On Hormuz Plan, But Houthi Mobilization Signals Volatility Oil Declines On Hormuz Plan, But Houthi Mobilization Signals Volatility by Ship & Bunker News Team Friday September 11, 2026 Tweet Follow @shipandbunker The Saudis, U.S. are planning action against Houthi aggression at Bab el-Mandeb: File Image/Pixabay. Oil prices on Friday reversed course unexpectedly and fell over 2 percent based solely on a media report that a deal with Iran is in the works to manage shipping through the Strait of Hormuz . As of 1633 GMT, Brent was down $2.46 , or 2.2 percent, at $105.17 per barrel; West Texas Intermediate fell $2.44, or 2.3 percent , to $100 per barrel. Both benchmarks remained on course for a weekly gain of more than 9 percent . “ Will the market remain calm over the weekend? That's when things seem to happen Phil Flynn, senior market analyst, Price Futures Group Inc. The Financial Times reported that foreign ministers in the Middle East we re working on a temporary deal with Iran to manage shipping through the Hormuz, but as with all things related to the U.S./Iran war, circumstances turn on a dime, and traders are motivated by fear-driven media headlines instead of fundamentals. UBS energy analyst Giovanni Staunovo said, "Some headlines of possible new talks in the Middle East are weighing moderately on oil prices today…I keep seeing near-term risks to the upside for oil prices, but we should expect ongoing high price volatility too." Phil Flynn , senior market analyst with Price Futures Group Inc ., added, "The question is will the market remain calm over the weekend? That's when things seem to happen.” That may be