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 Plummets As Investors Buy Into Trump's Claim Of Peace Deal Being Days Away Oil Plummets As Investors Buy Into Trump's Claim Of Peace Deal Being Days Away by Ship & Bunker News Team Tuesday June 9, 2026 Tweet Follow @shipandbunker But hostilities suggest the war - and the Hormuz blockage - could continue indefinitely: File Image/Pixabay As of 6:04 GMT on Tuesday, oil prices incurred substantial declines   based on U.S. president Donald Trump ’s contention that a peace deal with Iran that would re-open the Strait of Hormuz is only several days away. Brent fell by 3 percent to $91.40 , while West Texas Intermediate dropped 3.9 percent to $87.74 . However, as has been the case since the beginning of the U.S./Iran war, circumstances influencing trading continued to turn on a dime, and mid-session Tuesday saw reports  that Iran downed a military helicopter with U.S. pilots, causing Trump to state, “The United States must, of necessity, respond to this attack.” “ The geopolitical backdrop remains tense Tony Sycamore, market analyst, IG Still, JPMorgan estimated that due to the U.S. Navy quietly coordinating the passage of ships through the Hormuz, some 2 million barrels per day (bpd) might be getting out on tankers that have switched off their transponders. The banks analysts stated, “Despite the ongoing naval blockade and the steep decline in commercial traffic, surprising volumes of crude and petroleum products still appear to be transiting the Strait.” The ultimate question pertaining to trading – whether highly-touted diplomacy between the U.S., Israel and Iran would lead to a meaningful resolution given the deep-sea