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 Drops Below $100 As Trump Claims Peace Talks With Iran Are Finalizing Oil Drops Below $100 As Trump Claims Peace Talks With Iran Are Finalizing by Ship & Bunker News Team Wednesday May 20, 2026 Tweet Follow @shipandbunker But Iran warns the war could resume and "transcend every border and domain": File Image/Pixabay Two key benchmarks on Wednesday dropped  by 5 percent after U.S. president Donald Trump told media that Washington is in the final stages of peace negotiations with Iran . This followed the brash billionaire calling off renewed military strikes against the Islamic republic earlier this week. Brent plummeted 5.6 percent to close at $105.02 per barrel, and West Texas Intermediate dropped by the same percentage to close at $98.26 per barrel. “ You've got to take ‌all these pronouncements with a grain of salt John Kilduff, founding partner, Again Capital According to Wood Mackenzie , oil prices would plummet severely if the U.S. and Iran reached a peace deal that opened the Strait of Hormuz by June; however, it was difficult for many pundits to imagine such a deal taking place, considering Trump’s remarks on Wednesday were accompanied by the commander of Iran’s Islamic Revolutionary Guard Corps vowing  that the war will “erupt into flames and transcend every border and domain” if any new strike should be initiated by the U.S. U.S. secretary of war Pete Hegseth responded that his country was “locked and loaded” in the event Iran agreed to anything less than halting its nuclear ambitions. John Kilduff , founding partner at Again Capital , said , "You've got to take ‌all these pronouncements with a grain of s