Global oil prices tumbled more than 10% on Monday as markets reacted to signs of de-escalation between the United States and Iran. The sharp decline followed US President Donald Trump’s decision to pause military strikes on Iran on Friday, raising hopes for a diplomatic resolution to recent tensions.
Brent crude traded at $88.06 per barrel at 1845GMT, down 10.4% from the previous close of $91.68. The US benchmark West Texas Intermediate also fell significantly, dropping 8% to $82.35 per barrel. These losses marked a rapid reversal from last week, when Brent briefly climbed to $100 per barrel amid concerns over shipping disruptions through the Strait of Hormuz and the Bab el-Mandeb Strait.
Diplomatic signals ease supply fears
President Trump stated that Washington is holding 'good talks' with Tehran, though he warned that strikes could resume if negotiations fail. In response to the shifting dynamics, Iran suspended retaliatory military operations and entered talks with Oman regarding navigation through the strait. The potential for restored stability in key shipping routes contributed to the downward pressure on prices.
Supply conditions also improved elsewhere as crude loadings resumed at the Caspian Pipeline Consortium terminal on Russia's Black Sea coast. This restart helped alleviate some broader market concerns about global availability, complementing the geopolitical easing in the Middle East.
Despite the overall trend of de-escalation, regional risks remain. Houthis claimed attacks on Saudi Aramco-linked facilities in Jizan and Yanbu. However, neither the Saudi government nor Aramco confirmed these claims.
Updates
Brent crude futures have dropped to $87.24 per barrel, while WTI crude fell to $81.61. In diplomatic developments, Iran's Deputy Foreign Minister Gharibabadi rejected Oman's proposal for shared control of the Strait of Hormuz, insisting that the inbound and outbound channels must remain entirely under Iranian control. Additionally, Saudi Arabia announced that 14 countries, including Türkiye and Egypt, are supporting a new multinational maritime security coalition to strengthen defense in the Red Sea and Gulf of Aden.
Brent crude futures have dropped to $87.24, while WTI crude fell to $81.61. Regarding diplomatic efforts, Iranian Deputy Foreign Minister Gharibabadi stated that Oman's proposal for shared control of a route through the Strait of Hormuz fails to address Iran's requirements, as Tehran demands total control over the inbound and outbound channels. Additionally, Saudi Arabia is forming a maritime security coalition in the Red Sea and Gulf of Aden with support from 14 countries, including Türkiye and Egypt.
Brent crude futures have declined to $87.24 per barrel, while WTI crude has fallen to $81.61. Meanwhile, Iran's Deputy Foreign Minister Gharibabadi stated that Oman's proposal for a shared control route through the Strait of Hormuz would not address Tehran's concerns, insisting that both inbound and outbound channels must be entirely under Iranian control. Additionally, Saudi Arabia is aiming to lead a multinational maritime security coalition in the Red Sea and Gulf of Aden, supported by 14 countries including Türkiye and Egypt.
Brent crude futures have fallen to $87.24, while WTI crude is trading at $81.61. Regional tensions continue as Iranian Deputy Foreign Minister Gharibabadi rejected Oman's proposal for joint control of the Strait of Hormuz, insisting that the inbound and outbound channels must be entirely under Iranian control. Additionally, Saudi Arabia is leading a maritime security coalition supported by 14 countries, including Türkiye and Egypt, to strengthen defense in the Red Sea and Gulf of Aden.
Brent crude futures fell to $87.24 and WTI dropped to $81.61 following the diplomatic developments. Meanwhile, Iran's Deputy Foreign Minister Gharibabadi rejected an Omani proposal for shared control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control. Additionally, the Saudi Ministry of Defense announced that 14 countries, including Türkiye, Pakistan, and Egypt, are supporting a Saudi-led maritime security coalition in the Red Sea and Bab el-Mandeb Strait.
Tensions have escalated as US Central Command reported that American forces launched airstrikes against dozens of military targets in Iran, leading to retaliatory drone and missile attacks by Iran into Kuwait and Jordan. Meanwhile, diplomatic progress faces hurdles as Iran's Deputy Foreign Minister Gharibabadi rejected Oman's proposal for shared control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control. Additionally, Saudi Arabia is aiming to lead a maritime security coalition in the Bab el-Mandeb Strait and Red Sea, supported by 14 countries including Türkiye and Egypt.
While diplomatic hopes persist, the US Central Command reported that American forces launched airstrikes against dozens of military targets in Iran, prompting Iran to retaliate with drones and missiles targeting Kuwait and Jordan. Amidst these tensions, Iran's acting defense minister dismissed President Trump's proposals as psychological warfare, and the Fars news agency characterized the potential agreement as merely a 'wish list.'
Tensions have escalated as US Central Command reports that American forces launched airstrikes against dozens of military targets in Iran, prompting Iran to retaliate with drone and missile strikes into Kuwait and Jordan. Amid these developments, Iran's acting defense minister dismissed Donald Trump's proposed diplomatic agreement as part of a
While diplomatic hopes persist, US Central Command reported that American forces launched airstrikes against dozens of military targets in Iran, prompting retaliatory drone and missile attacks by Iran into Kuwait and Jordan. Concurrently, Iran's Deputy Foreign Minister rejected an Omani proposal for shared control of the Strait of Hormuz, insisting that inbound and outbound channels must be entirely under Iranian control. Additionally, Saudi Arabia is seeking to lead a multinational maritime security coalition in the Red Sea and Bab el-Mandeb, supported by 14 countries including Türkiye and Egypt.
While diplomatic hopes persist, US Central Command reported that American forces launched airstrikes against dozens of military targets in Iran, leading to retaliatory drone and missile attacks by Iran into Kuwait and Jordan. Amidst these tensions, Iran's acting defense minister dismissed President Trump's proposal as a psychological warfare campaign, and the Fars International news agency labeled the potential agreement a 'wish list.' Additionally, Iran's Deputy Foreign Minister Gharibabadi rejected an Omani proposal for shared control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control.
Tensions have escalated as US Central Command reported airstrikes against military targets in Iran, prompting retaliatory drone and missile attacks from Iran into Kuwait and Jordan. Despite diplomatic hopes, Iran's acting defense minister dismissed President Trump's statements as psychological warfare, while the Fars International news agency characterized the proposed agreement as a mere 'wish list.'
Tensions have escalated as US Central Command reported airstrikes against military targets in Iran, which Iran reportedly retaliated against by launching drones and missiles into Kuwait and Jordan. Despite Trump's claims of calling off strikes, Iran's acting defense minister dismissed the proposals as part of a psychological warfare campaign, while the Fars International news agency characterized the agreement as a mere 'wish list.'
Despite hopes for diplomacy, US Central Command reported that American forces launched airstrikes against dozens of military targets in Iran, prompting Iran to retaliate with drone and missile attacks into Kuwait and Jordan. Amidst these escalations, Iran's acting defense minister dismissed President Trump's proposal regarding the Strait of Hormuz as part of a psychological warfare campaign, while the Fars International news agency labeled the potential agreement a mere 'wish list.'
While diplomatic hopes have lowered prices, US Central Command reported that American forces launched airstrikes against dozens of military targets in Iran, prompting retaliatory drone and missile attacks from Iran into Kuwait and Jordan. Additionally, Iran's acting defense minister dismissed Donald Trump's strike cancellation as part of a psychological warfare campaign, and state-affiliated media described the proposed agreement as a 'wish list.'
While diplomatic talks continue, Iranian Deputy Foreign Minister Gharibabadi rejected Oman's proposal for a joint 50/50 control of the Strait of Hormuz, insisting that inbound and part of the outbound channels must remain entirely under Iranian control. Additionally, the US Central Command reported that American forces launched airstrikes against dozens of military targets in Iran, which prompted retaliatory drone and missile attacks from Iran into Kuwait and Jordan.
While diplomatic hopes persist, tensions remain high as US Central Command reported American airstrikes against military targets in Iran, which were reportedly met by Iranian drone and missile retaliation targeting Kuwait and Jordan. Amidst these developments, Iran's Deputy Foreign Minister Gharibabadi rejected an Omani proposal for shared control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control.
While diplomatic talks progress, Iran's Deputy Foreign Minister Gharibabadi rejected Oman's proposal for joint control of the Strait of Hormuz, insisting that both inbound and outbound channels must remain entirely under Iranian control. Concurrently, the US Navy has reported escorting tankers through the Strait, even as US Central Command confirmed that American forces launched airstrikes against military targets in Iran in response to regional threats.
Despite diplomatic hopes, US Central Command reported that American forces launched airstrikes against dozens of military targets in Iran, prompting retaliatory drone and missile attacks from Iran into Kuwait and Jordan. Meanwhile, Iran's Deputy Foreign Minister Gharibabadi dismissed Oman's proposal for shared control of the Strait of Hormuz, asserting that inbound and outbound channels must remain entirely under Iranian control.
While diplomatic efforts continue, Iran's Deputy Foreign Minister Gharibabadi rejected Oman's proposal for a shared control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control. Simultaneously, US Central Command reported that American forces conducted airstrikes on military targets in Iran, which were met with retaliatory drone and missile attacks targeting Kuwait and Jordan.
While US-Iran diplomacy provides hope, tensions remain high as US Central Command reported airstrikes against military targets in Iran, which were met by Iranian drone and missile retaliation against Kuwait and Jordan. Despite Trump's call to pause strikes, Iran's acting defense minister dismissed the proposal as 'psychological warfare,' and the Fars International news agency labeled the potential agreement a 'wish list.' Furthermore, Iranian Deputy Foreign Minister Gharibabadi rejected Oman's proposal for joint control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control.
While diplomatic hopes persist, US Central Command reported that American forces launched airstrikes against dozens of military targets in Iran, prompting retaliatory drone and missile attacks by Iran into Kuwait and Jordan. Amidst these escalations, Iran's Deputy Foreign Minister Gharibabadi rejected an Omani proposal for shared control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control.
Diplomatic friction persists as Iran's Deputy Foreign Minister Gharibabadi rejected Oman's proposal for shared control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control. Meanwhile, despite Trump's claims of a potential agreement to reopen the strait, Iran's Fars International news agency dismissed the proposal as a 'wish list' and its acting defense minister categorized the statements as part of a psychological warfare campaign.
While diplomatic hopes persist, Iranian Deputy Foreign Minister Gharibabadi rejected Oman's proposal for shared control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control. Meanwhile, the US Central Command reported that American forces previously launched airstrikes against military targets in Iran, prompting retaliatory drone and missile attacks into Kuwait and Jordan.
While diplomatic hopes for a US-Iran agreement persist, tensions have escalated as US Central Command reported airstrikes against military targets in Iran, which were met by Iranian drone and missile retaliations into Kuwait and Jordan. Amidst these developments, Saudi Arabia is moving to lead a multinational maritime security coalition in the Bab el-Mandeb Strait, Red Sea, and Gulf of Aden, supported by 14 countries including Türkiye, Egypt, and Pakistan.
Diplomatic tensions have escalated as US Central Command reported that American forces launched airstrikes against military targets in Iran, leading to retaliatory drone and missile attacks by Iran against Kuwait and Jordan. While President Trump stated he called off a planned major strike following requests from Tehran, Iranian officials have dismissed his proposals as part of a psychological warfare campaign and expressed that Oman's maritime route proposal does not address their concerns regarding control over the Strait of Hormuz.
Diplomatic tensions persist as Iran's Deputy Foreign Minister Gharibabadi rejected Oman's proposal for shared control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control. While President Trump stated that talks with regional partners prompted him to halt a planned large-scale attack, Iranian officials have dismissed his proposals as 'psychological warfare' or a 'wish list.' Additionally, US Central Command reported that American forces had previously launched airstrikes against military targets in Iran, which resulted in retaliatory drone and missile attacks against Kuwait and Jordan.
While the diplomatic window remains open, tensions have escalated following US airstrikes on military targets in Iran, which were followed by Iranian drone and missile retaliations against Kuwait and Jordan. Amidst these developments, Iran's Deputy Foreign Minister Gharibabadi rejected Oman's proposal for shared control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control. Furthermore, Saudi Arabia is moving to lead a multinational maritime security coalition in the Bab el-Mandeb Strait, Red Sea, and Gulf of Aden, with 14 countries including Türkiye and Egypt reportedly providing support.
While US-Iran diplomacy holds the potential to reopen the Strait of Hormuz and lift sanctions, Iranian Deputy Foreign Minister Gharibabadi rejected Oman's proposal for a 50/50 control split of the waterway, insisting that inbound and outbound channels must be entirely under Iranian control. Concurrently, Saudi Arabia is moving to lead a maritime security coalition in the Bab el-Mandeb Strait, Red Sea, and Gulf of Aden, supported by 14 nations including Türkiye, Egypt, and Pakistan.
While President Trump stated that diplomatic talks with Iran and several Middle Eastern nations prompted him to halt planned large-scale strikes, Iran's Foreign Ministry spokesperson Esmail Baghaei clarified that there are no immediate plans for negotiations with the U.S. and that Tehran is currently only engaged in talks with Oman regarding the Strait of Hormuz. Additionally, although a potential agreement could involve lifting sanctions and reopening the Strait, Iran's Deputy Foreign Minister Gharibabadi rejected Oman's proposal for shared control of the route, insisting that inbound and outbound channels must be entirely under Iranian control.
Diplomatic negotiations have faced immediate friction as Iran's Deputy Foreign Minister Gharibabadi rejected Oman's proposal for a shared route through the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control. While President Trump maintains that a potential agreement could lead to the total opening of the Strait and the lifting of sanctions, Iranian officials have dismissed the proposal as a 'wish list' and signaled that no immediate talks with the U.S. are planned, noting that Tehran is currently only engaged with Oman.
While US President Trump stated he halted planned strikes following requests from Tehran and other regional nations, Iranian officials have presented conflicting views: the Foreign Ministry claims negotiations are ongoing, whereas the acting defense minister dismissed the proposal as 'psychological warfare' and the Fars news agency called it a 'wish list.' Additionally, Iran's Deputy Foreign Minister Gharibabadi rejected an Omani proposal for joint control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control.
While US President Trump stated that negotiations with several regional partners led him to halt the planned large-scale attack, Iran's foreign ministry spokesperson Esmail Baghaei clarified that there are no immediate plans for negotiations with the US and that Tehran is currently only engaged in talks with Oman regarding the Strait of Hormuz. Furthermore, an Iranian Deputy Foreign Minister rejected Oman's proposal for a shared control route through the Strait, insisting that both inbound and outbound channels must remain entirely under Iranian control.
Tensions have escalated as the US Central Command reported that American forces launched airstrikes against numerous military targets in Iran, prompting Tehran to retaliate with drone and missile attacks into Kuwait and Jordan. Despite President Trump's earlier indication of halting strikes, Iranian officials have dismissed his diplomatic proposals as 'psychological warfare' or a 'wish list,' with the Iranian Foreign Ministry stating there are currently no immediate plans for negotiations with the US.
While Trump described a potential agreement as including the total opening of the Strait of Hormuz, Iranian officials have dismissed the proposal as a 'wish list' and stated that any route must remain entirely under Iranian control. Additionally, US Central Command reported that American forces had already launched airstrikes against dozens of military targets in Iran, prompting retaliatory drone and missile attacks from Tehran into Kuwait and Jordan.
While diplomatic hopes persist, tensions remain high as US Central Command reported that American forces launched airstrikes against military targets in Iran, prompting retaliatory drone and missile attacks from Tehran into Kuwait and Jordan. Separately, Iran's Deputy Foreign Minister rejected Oman's proposal for shared control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control.
While US-Iran diplomatic hopes initially drove prices down, conflicting reports have emerged regarding the state of negotiations; although President Trump stated he halted planned strikes following requests from Tehran and other regional nations, Iran's Foreign Ministry spokesperson insisted there are no immediate plans to negotiate with the US, noting that Tehran is currently only engaged in talks with Oman regarding the Strait of Hormuz. Additionally, US Central Command reported that American forces actually launched airstrikes against numerous military targets in Iran, which prompted retaliatory drone and missile attacks from Iran into Kuwait and Jordan.
While President Trump reported halting planned strikes following mediation efforts, tensions remain high as US Central Command confirmed American forces launched airstrikes against Iranian military targets, prompting retaliatory drone and missile attacks from Iran into Kuwait and Jordan. Additionally, Iranian officials have expressed skepticism regarding diplomatic proposals, with the Deputy Foreign Minister rejecting an Oman-led route through the Strait of Hormuz and state media dismissing Trump's recent statements as 'psychological warfare.'
While diplomatic efforts continue, tensions persist as US Central Command reported that American forces launched airstrikes against dozens of military targets in Iran, prompting retaliatory drone and missile attacks from Tehran into Kuwait and Jordan. Additionally, Iran's Deputy Foreign Minister Gharibabadi rejected Oman's proposal for a joint control route through the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control.
Diplomatic tensions have resurfaced as Iran's Deputy Foreign Minister Gharibabadi rejected Oman's proposal for shared control of the Strait of Hormuz, insisting that both inbound and outbound channels must be entirely under Iranian control. Additionally, while US President Donald Trump suggested a potential agreement could include lifting sanctions and reopening the Strait, Iranian spokespersons have dismissed these claims as 'psychological warfare' or a 'wish list,' with some officials stating there are no immediate plans for negotiations with the US.
While diplomatic hopes initially eased tensions, the situation has complicated as Iran's Deputy Foreign Minister Gharibabadi rejected Oman's proposal for joint control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control. Additionally, despite reports of potential US-Iran negotiations, Iranian Foreign Ministry spokesperson Esmail Baghaei stated there are currently no immediate plans for talks with the US, noting that Tehran is only engaged in discussions with Oman. Meanwhile, US Central Command reported that American forces had previously launched airstrikes against dozens of military targets in Iran, which were met by Iranian drone
While President Trump stated he halted planned strikes following requests from Tehran and other regional nations, Iranian officials have offered conflicting perspectives; the Iranian Foreign Ministry claimed there are no immediate plans for US negotiations, asserting they are currently only engaged in talks with Oman regarding the Strait of Hormuz. Additionally, the US Navy reported escorting tankers through the Strait, even as the UK Maritime Trade Operations Centre reported three further tanker attacks since Saturday.
While diplomatic hopes persist, tensions remain high as the US Central Command reported American forces launched airstrikes against military targets in Iran, prompting retaliatory drone and missile attacks from Iran into Kuwait and Jordan. Additionally, Iran's Deputy Foreign Minister Gharibabadi rejected an Omani proposal for shared control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control.
While diplomatic hopes persist, tensions remain high as the US Central Command reported that American forces launched airstrikes against military targets in Iran, prompting retaliatory drone and missile attacks from Tehran into Kuwait and Jordan. Amidst these developments, Iran's Deputy Foreign Minister Gharibabadi rejected an Omani proposal for shared control of the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control.
While President Trump announced a halt to planned strikes following requests from Tehran and other regional countries, Iran's Foreign Ministry spokesperson Esmail Baghaei stated there are no immediate plans for negotiations with the U.S., noting that Tehran is currently only engaged in talks with Oman regarding the Strait of Hormuz. Additionally, the U.S. Navy reported escorting tankers through the Strait, even as the UK Maritime Trade Operations Centre reported three more tanker attacks since Saturday.
While Trump stated that talks with various Middle Eastern nations prompted him to halt a large-scale attack, Iranian officials have provided conflicting accounts; the Iranian Foreign Ministry spokesperson denied immediate plans for U.S. negotiations, claiming Tehran is currently only engaged in talks with Oman regarding the Strait of Hormuz. Additionally, Iran's acting defense minister dismissed Trump's proposal as 'psychological warfare,' and the Fars International news agency labeled the suggestion a 'wish list.'
Tensions have escalated as the US Central Command reported American forces launching airstrikes against dozens of military targets in Iran, prompting Iran to retaliate by launching drones and missiles into Kuwait and Jordan. Despite previous diplomatic hopes, the Iranian Foreign Ministry spokesperson stated there is no immediate plan for negotiations with the US, noting that Tehran is currently only engaged in talks with Oman regarding the Strait of Hormuz.
While President Trump stated that talks with several Middle Eastern nations and Iran prompted him to halt planned large-scale attacks, conflicting reports have emerged. The US Central Command reported that American forces launched airstrikes against dozens of military targets in Iran, which Tehran retaliated against by launching drones and missiles into Kuwait and Jordan. Additionally, while Trump proposed an agreement involving the total opening of the Strait of Hormuz, Iran's Fars International news agency dismissed the proposal as a 'wish list,' and Iranian Deputy Foreign Minister Gharibabadi rejected an Omani proposal for shared control of the waterway.
While Trump stated that discussions with several regional nations prompted him to halt a planned large-scale attack, Iran's spokesperson Esmail Baghaei denied having immediate plans for negotiations with the U.S., asserting that Tehran is currently only engaged in talks with Oman regarding the Strait of Hormuz. Additionally, the U.S. Central Command reported that American forces had previously launched airstrikes against numerous military targets in Iran, which resulted in retaliatory drone and missile strikes from Iran targeting Kuwait and Jordan.
While US President Donald Trump stated that negotiations with Iran prompted him to halt a planned large-scale attack, Iranian officials have presented conflicting views; the Iranian Foreign Ministry claims there are no immediate plans for US talks and is currently only engaged with Oman, while Deputy Foreign Minister Gharibabadi rejected an Omani proposal for joint control of the Strait of Hormuz, asserting that Iran must maintain total control over inbound and outbound channels.
While US-Iran diplomatic hopes continue to impact markets, Iran's Deputy Foreign Minister Gharibabadi rejected Oman's proposal for a shared control route through the Strait of Hormuz, insisting that inbound and outbound channels must remain entirely under Iranian control. Additionally, US Central Command reported that American forces had already launched airstrikes against numerous military targets in Iran to degrade its ability to threaten US troops, an action Iran responded to by launching drones and missiles into Kuwait and Jordan.
While diplomatic hopes persist, tensions remain high as U.S. forces launched airstrikes against military targets in Iran, prompting retaliatory drone and missile attacks into Kuwait and Jordan. Additionally, Iran's Deputy Foreign Minister rejected Oman's proposal for a joint management route through the Strait of Hormuz, insisting that inbound and outbound channels must remain under Iranian control.
Brent crude futures have fallen further to $83.41 per barrel, while September WTI crude was priced at $79.60 on Monday. Amidst the shifting market, US President Donald Trump stated that his offer of talks represents Tehran's 'last chance' to secure a deal and end the five-month-old war. Meanwhile, contrary to some diplomatic hopes, Iran's foreign ministry spokesperson Esmail Baghaei maintains there is no immediate plan for negotiations with the US, asserting that Tehran is currently only engaged in talks with Oman regarding the Strait of Hormuz.
Despite diplomatic hopes, US Central Command reported that American forces launched airstrikes against dozens of military targets in Iran, prompting Iran to retaliate by launching drones and missiles into Kuwait and Jordan. Additionally, Iranian officials have expressed skepticism toward US proposals, with Deputy Foreign Minister Gharibabadi stating that Oman's route proposal fails to address Iran's concerns regarding control over the Strait of Hormuz.
While diplomatic hopes persist, Iranian Deputy Foreign Minister Gharibabadi rejected Oman's proposal for a 50/50 shared control of a Strait of Hormuz route, asserting that inbound and outbound channels must remain entirely under Iranian control. Additionally, US Central Command reported that American forces previously launched airstrikes against military targets in Iran to degrade its capabilities, which prompted retaliatory drone and missile launches into Kuwait and Jordan.
While initial optimism drove Brent crude below $90, prices have since fluctuated significantly, with October Brent futures dropping as much as 7.3% to $81.55 and September WTI crude falling 6.1% to $79.54. Amidst these shifts, Iran's Deputy Foreign Minister Gharibabadi rejected Oman's proposal for shared control of the Strait of Hormuz, insisting that inbound and outbound channels must be under complete Iranian control. Additionally, the Saudi Ministry of Defense announced that 14 countries, including Türkiye, are supporting a new multinational maritime security coalition in the Bab el-Mandeb Strait and the Red Sea.
While diplomatic hopes initially eased tensions, US Central Command reported that American forces launched airstrikes against dozens of military targets in Iran, prompting retaliatory drone and missile attacks from Iran into Kuwait and Jordan. Despite President Trump's claim of calling off strikes, Iranian officials have dismissed his proposals as 'psychological warfare' or a 'wish list,' with Tehran maintaining that it is currently only engaged in talks with Oman regarding the Strait of Hormuz rather than direct negotiations with the US.
While President Trump announced a halt to planned military strikes to facilitate renewed peace talks, sources indicate conflicting reports as the Iranian Foreign Ministry denied that any negotiations with the U.S. are currently underway or planned. Additionally, despite the diplomatic easing, the UK Maritime Trade Operations reported three more tanker attacks since Saturday, and the Houthis have declared a naval blockade on Saudi Arabia, threatening oil exports via the Red Sea.
While diplomatic hopes persist, significant tensions remain as the US Central Command reported American forces launched airstrikes against military targets in Iran, prompting retaliatory drone and missile attacks into Kuwait and Jordan. Additionally, Iranian officials have dismissed or disputed the progress of negotiations, with the Iranian Foreign Ministry stating there are no immediate plans for talks with the US and the Fars news agency labeling the proposed agreement a 'wish list.'
While President Trump indicated that peace talks with Iran would resume following his decision to cancel planned military strikes, Iranian officials have provided conflicting accounts, with some claiming there are no immediate plans for negotiations and others dismissing the proposals as a 'wish list.' Amidst this diplomatic uncertainty, Brent crude oil prices have experienced significant fluctuations, dropping as low as $80.90 per barrel on Monday before hitting a technical support level at $83.41, while WTI crude futures also saw declines to approximately $79.60.
While President Trump halted planned strikes to facilitate negotiations, tensions persist as US Central Command reported that American forces previously launched airstrikes on Iranian military targets, which Iran reportedly retaliated against by launching drones and missiles into Kuwait and Jordan. Furthermore, while US Secretary of State Marco Rubio noted progress in talks regarding the Strait of Hormuz, Iranian Deputy Foreign Minister Gharibabadi stated that Oman's proposal for shared control of the waterway would not address Tehran's concerns, insisting that inbound and outbound channels must be entirely under Iranian control.
While US Secretary of State Marco Rubio reports progress in discussions with Iran and Oman regarding ship movements through the Strait of Hormuz, US Treasury Secretary Scott Bessent suggested a deal to reopen the strait could be reached as early as Tuesday or Wednesday. However, conflicting reports persist as the Iranian Foreign Ministry stated there are no immediate plans for negotiations and denied that any talks are currently underway with the United States.
US Treasury Secretary Scott Bessent indicated that a deal to reopen the Strait of Hormuz could potentially be reached as early as Tuesday or Wednesday. While US Secretary of State Marco Rubio reported progress in discussions involving Iran and Oman to facilitate ship movement through the Strait, he noted that finality has not yet been achieved. Meanwhile, Iranian officials have disputed the claims of ongoing negotiations, with a spokesperson stating there are no immediate plans for talks with the US.
While US President Donald Trump indicated that a potential agreement could reopen the Strait of Hormuz and lift certain sanctions, Iranian officials have provided conflicting accounts; the Iranian Foreign Ministry spokesperson stated there are no immediate plans for US negotiations and that Tehran is currently only talking with Oman, whereas Iran's acting defense minister dismissed Trump's proposal as a 'wish list.' Additionally, US Secretary of State Marco Rubio reported progress in discussions with Iran and Oman regarding ship transit through the Strait, though no finality has been reached.
While US President Donald Trump described the proposed agreement as Tehran's 'last chance' to end the five-month-old war, Iranian officials have contested the diplomatic narrative, with the Foreign Ministry claiming no immediate plans for negotiations and the Fars International news agency dismissing the proposal as a 'wish list.' Amidst these conflicting reports, US Treasury Secretary Scott Bessent suggested a deal to reopen the Strait of Hormuz could be reached as early as Tuesday or Wednesday, though US Secretary of State Marco Rubio noted that while progress has been made in discussions with Iran and Oman, finality has not yet been achieved.
While US Secretary of State Marco Rubio reported progress in discussions with Iran and Oman regarding ship transit through the Strait of Hormuz, US Treasury Secretary Scott Bessent indicated a deal to reopen the waterway could be reached as early as Tuesday or Wednesday. Meanwhile, conflicting reports have emerged regarding the status of negotiations, as Iran's foreign ministry spokesperson denied any immediate plans for US talks, contradicting claims of ongoing diplomatic momentum.
US Treasury Secretary Scott Bessent indicated that a deal to reopen the Strait of Hormuz could potentially be reached as early as Tuesday or Wednesday, while US Secretary of State Marco Rubio reported progress in ongoing discussions involving Iran and Oman. Although President Trump described the potential agreement as Tehran's 'last chance' to ensure the 'immediate, complete and total' opening of the strait, Iran has dismissed the proposal as a 'wish list' and maintains that no negotiations are currently underway with the US.
While US President Donald Trump announced the cancellation of planned strikes to facilitate talks, Iran has denied that any negotiations with the United States are currently underway or planned. Additionally, US Secretary of State Marco Rubio reported progress in discussions involving Iran and Oman regarding ship transit through the Strait of Hormuz, though no finality has been reached. US Treasury Secretary Scott Bessent suggested a potential agreement to reopen the strait could be reached as early as Tuesday or Wednesday.
Diplomatic progress has been reported between the US, Iran, and Oman regarding the reopening of the Strait of Hormuz, with US Treasury Secretary Scott Bessent suggesting a deal could be reached as early as Tuesday or Wednesday. While the US Navy has escorted tankers through the strait, Iran's Deputy Foreign Minister Gharibabadi stated that Oman's proposal for a 50/50 control split does not address Tehran's demands for total control over inbound and outbound channels. Meanwhile, the Saudi Ministry of Defense confirmed that 14 countries, including Türkiye, Egypt, and Pakistan, are supporting a multinational maritime security coalition in the Bab el-Mandeb Strait and Red Sea.
US Treasury Secretary Scott Bessent suggested a deal to reopen the Strait of Hormuz could be reached as early as Tuesday or Wednesday, while US Secretary of State Marco Rubio confirmed progress in discussions involving Iran and Oman. However, Iranian officials have disputed the existence of active negotiations with the US, with some sources claiming Tehran is currently only engaged in talks with Oman regarding the strait. Additionally, the US Navy reported escorting tankers through the waterway, even as the UK Maritime Trade Operations reported three additional tanker attacks since Saturday.
While US Secretary of State Marco Rubio confirmed progress in discussions with Iran and Oman regarding ship transit through the Strait of Hormuz, US Treasury Secretary Scott Bessent noted that a deal to reopen the strait could be reached as early as Tuesday or Wednesday. However, Iranian officials have expressed conflicting views, with the Foreign Ministry spokesperson stating there are no immediate plans for negotiations with the US, while the acting defense minister dismissed Trump's proposals as part of a psychological warfare campaign.
While diplomatic efforts continue, US Secretary of State Marco Rubio reported progress in discussions with Iran and Oman regarding ship passage through the Strait of Hormuz, though no finality has been reached. Additionally, US Treasury Secretary Scott Bessent indicated that a deal to reopen the strait could potentially be agreed upon as early as Tuesday or Wednesday. Conversely, the Iranian Foreign Ministry has disputed claims of negotiations, stating there are currently no plans for talks with the United States and that Tehran is only engaged with Oman.
US Treasury Secretary Scott Bessent indicated that a deal to reopen the Strait of Hormuz could be reached as early as Tuesday or Wednesday. While US Secretary of State Marco Rubio reported progress in discussions with Iran and Oman involving ship transit through the Strait, he noted that finality has not yet been achieved. Meanwhile, Iran's Foreign Ministry spokesperson Esmail Baghaei claimed there are no immediate plans for negotiations with the US and asserted that Tehran is currently only engaged in talks with Oman regarding the waterway.
While US-Iran diplomatic efforts continue, Secretary of State Marco Rubio reported progress in discussions involving Oman regarding the reopening of the Strait of Hormuz, though no finality has been reached. In a conflicting development, Iran's Foreign Ministry spokesperson Esmail Baghaei denied that any negotiations are currently planned or underway with the United States, stating that Tehran is only engaged in talks with Oman. Additionally, US Treasury Secretary Scott Bessent suggested a potential agreement to reopen the strait could be reached as early as Tuesday or Wednesday.
While US Secretary of State Marco Rubio reported progress in discussions regarding the Strait of Hormuz, US Treasury Secretary Scott Bessent suggested a potential agreement to reopen the waterway could be reached as early as Tuesday or Wednesday. However, Iranian officials have provided conflicting accounts, with the Foreign Ministry spokesperson stating there are no immediate plans for negotiations and the Iranian Deputy Foreign Minister rejecting Oman's proposal for joint control of the Strait. Additionally, the Saudi Ministry of Defense confirmed that 14 countries, including Türkiye, are supporting a new multinational maritime security coalition in the Bab el-Mandeb Strait and Red Sea.
While U.S. Secretary of State Marco Rubio confirmed progress in discussions with Iran and Oman to facilitate ship movement through the Strait of Hormuz, U.S. Treasury Secretary Scott Bessent noted that a deal to reopen the strait could be reached as early as Tuesday or Wednesday. However, Iranian officials have offered conflicting reports, with the Foreign Ministry spokesperson stating there are no immediate plans for negotiations, while other Iranian sources dismissed the proposals as a 'wish list.' Additionally, the Saudi Ministry of Defense announced that 14 countries, including Türkiye, are supporting a multinational maritime security coalition to strengthen defense cooperation in the de
While diplomatic hopes persist, US Secretary of State Marco Rubio reported progress in discussions with Iran and Oman regarding the Strait of Hormuz, though no finality has been reached. US Treasury Secretary Scott Bessent noted that an agreement to reopen the strait could potentially be reached as early as Tuesday or Wednesday. Amidst these developments, Iran's foreign ministry spokesperson Esmail Baghaei denied that any negotiations or plans for meetings with the United States are currently underway.
Brent crude prices fell by more than 5% on Tuesday, dropping below $80 for the first time since July 13. Amidst these fluctuations, a crew member was reported missing on a merchant ship in the Strait of Hormuz after a projectile hit the vessel, causing a fire in the accommodation area.
Brent crude prices fell by more than 5% on Tuesday, dropping below $80 for the first time since July 13. While US Treasury Secretary Scott Bessent indicated a deal to reopen the Strait of Hormuz could be reached imminently, tensions remain as a crew member was reported missing on a merchant ship hit by a projectile in the Strait, causing a fire. Additionally, while industry sources calculated a potential diesel price reduction of 6.37 TL in Turkey, only 1.01 TL was actually reflected in pump prices due to tax compensations.
Brent crude prices fell by more than 5% on Tuesday, dropping below $80 for the first time since July 13. While diplomatic discussions regarding the Strait of Hormuz continue, a crew member was reported missing on a merchant ship hit by a projectile in the Strait on Tuesday, where a fire also erupted. Meanwhile, in Turkey, only a 1.01 TL reduction in diesel prices was reflected at the pump following the expected 6.37 TL cut, due to the Eşel Mobil Sistemi compensating for tax losses.
Brent crude prices have fallen below $80 for the first time since July 13, dropping more than 5% on Tuesday. Amidst ongoing discussions, an Iranian spokesperson clarified that Tehran is not conducting direct negotiations with the U.S., but is instead engaged in talks with Oman regarding safe passage through the Strait of Hormuz. Additionally, a crew member was reported missing on a merchant ship following a projectile strike that caused a fire in the Strait of Hormuz.
Brent crude prices have fallen by more than 5% on Tuesday, dropping below the $80 mark for the first time since July 13. While US Treasury Secretary Scott Bessent indicated a potential deal to reopen the Strait of Hormuz could be reached as early as Tuesday or Wednesday, a crew member was reported missing on a merchant ship following a projectile strike in the Strait that caused a fire. Additionally, although industry sources calculated a diesel price reduction of 6.37 TL in Turkey, only 1.01 TL has been reflected at the pump due to Special Consumption Tax (SCT) compensations.
Brent crude prices fell by more than 5% on Tuesday, dropping below $80 for the first time since July 13, while a merchant ship in the Strait of Hormuz reported a fire and a missing crew member following a projectile hit. Although US Treasury Secretary Scott Bessent suggested a deal to reopen the Strait could be reached imminently, Iranian officials maintain they are not in direct negotiations with the US, but are instead discussing shipping routes through Oman.
Brent crude oil prices fell by more than 5% on Tuesday, dropping below the $80 mark for the first time since July 13. Amidst this decline, reports emerged of a fire breaking out on a merchant ship in the Strait of Hormuz following a projectile hit, leaving one crew member missing. While US Treasury Secretary Scott Bessent suggested a deal to reopen the strait could be reached as early as Tuesday or Wednesday, Iranian officials maintain they are only negotiating with Oman regarding safe passage through the waterway.
Oil prices have continued their descent, with Brent crude falling below $80 for the first time since July 13. While US Treasury Secretary Scott Bessent indicated a potential deal to reopen the Strait of Hormuz could be reached as early as Tuesday or Wednesday, Iran's Foreign Ministry spokesperson Esmaeil Baghaei clarified that Tehran is currently not in direct negotiations with the US, but is instead conducting discussions through Omani mediation regarding safe passage for commercial vessels.
Brent crude prices fell by more than 5% on Tuesday, dropping below $80 for the first time since July 13. While a fuel price reduction of 6.37 TL was calculated by industry sources in Turkey, only 1.01 TL was reflected in pump prices due to the Eşel Mobil Sistemi and SCT losses. Additionally, a crew member was reported missing on a merchant ship hit by a projectile in the Strait of Hormuz, where a fire broke out in the accommodation area.
US Treasury Secretary Scott Bessent indicated that an agreement to reopen the Strait of Hormuz could be reached as early as Tuesday or Wednesday, potentially leading toward a more normalized conflict position. While President Trump has described these diplomatic efforts as Iran's 'last chance,' Iranian officials maintain that they are not conducting direct negotiations with Washington, instead engaging in discussions with Oman regarding safe passage for commercial vessels. Additionally, reports suggest a draft agreement between Iran and Oman may include granting Tehran control over certain shipping lanes through the Strait, a concession that US officials have repeatedly signaled they wouldมิ
