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 Climbs After Trump Nixes Iran Deal - But Negotiations Are Ongoing, Say Officials Oil Climbs After Trump Nixes Iran Deal - But Negotiations Are Ongoing, Say Officials by Ship & Bunker News Team Monday September 28, 2026 Tweet Follow @shipandbunker Meanwhile, Russia makes refinery output and other energy data off-limits to the press: File Image/Pixabay. U.S. president Donald Trump ‘s weekend rejection of the Iran ceasefire deal that would reportedly re-open the Strait of Hormuz caused jitters among oil traders who took the Islamic Republic’s offer at face value – and who caused  Brent on Monday to settle up 96 cents to $105.28 per barrel.  West Texas Intermediate settled up 19 cents at $92.60 per barrel. Oil’s gains were said  to be capped by U.S. officials stating that mediators were still working with Iran and the United States to end the months-long war between the two countries and “open” the strait - even though Saudi Arabia transported over 100 million barrels of crude through the waterway in a 10-day period, in addition to U.S. forces helping nearly 1,500 vessels transit the strait since early May. “ We are living off borrowed barrels Cornelia Meyer, CEO, Meyer Resources A White House official told media that Trump is open to sanctions relief and the release of frozen funds to Iran if concrete progress is made towards a nuclear deal. But Cornelia Meyer, CEO of Meyer Resources , said the energy market is pricing in a “clear and present danger” of a return to U.S.-Iran hostilities after the midterm elections, which was when Trump stated that the war would conclude: she added, “I think everybody hopes that