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 Whiplashes 7% Upward As U.S./Iran Hostilities Pause Evaporates Oil Whiplashes 7% Upward As U.S./Iran Hostilities Pause Evaporates by Ship & Bunker News Team Wednesday July 29, 2026 Tweet Follow @shipandbunker But one analyst warns that physical market stress continues to be overlooked: File Image/Pixabay U.S. president Donald Trump vowing powerful retaliation for a botched ‘surprise’ Iran attack against American forces in Jordan caused market players on Wednesday, who had been hoping for peace negotiations to take hold during a brief pause in hostilities between the two countries, to send oil prices spiralling upwards by nearly 7 percent. As of 1224 GMT, Brent rose $5.84 , or 6.9 percent , at $89.93 per barrel; West Texas Intermediate climbed $5.34 , or 6.7 percent , at $84.60 per barrel. Concerns about escalating Middle East hostilities were also stoked by Iran rejecting Oman 's proposal for regional joint management of the Strait of Hormuz , as well as Iran-backed Houthis reportedly considering imposing charges on commercial vessels using the Bab el Mandeb passage in the Red Sea . “ We remain exceedingly skeptical that we are on the brink of a major diplomatic breakthrough Helima Croft, RBC Capital Markets However, data showed   that while only a small number of vessels transited the Hormuz this week, five ships passing through Bab el Mandeb on Wednesday and 39 on Tuesday, the highest daily count since July 19 before the Houthis announced a maritime blockade of Saudi Arabia . A healthy dose of skepticism about any prospect of peace between the U.S. and Iran was provided by Helima Croft , head of commodity strategy at