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 Mixed As Iran Rejects Nuclear Demands And Market Hurtles Toward "Red Zone" Oil Mixed As Iran Rejects Nuclear Demands And Market Hurtles Toward "Red Zone" by Ship & Bunker News Team Thursday May 21, 2026 Tweet Follow @shipandbunker All eyes are now focused on attempts to get the peace talks back on track: File Image/Pixabay As anticipated by many hawks, Iran ’s refusal   to agree to a crucial component of peace talk negotiations with the U.S. caused chaos in oil trading on Thursday, while the International Energy Agency warned that the oil market was barreling towards as “red zone” with the continued blockage of the Strait of Hormuz . As of 18:30 GMT and after prices rose over 3 percent earlier in the session, Brent fell 31 cents to $104.71 and West Texas Intermediate rose 16 cents to $98.42 per barrel. The initial price rise occurred after media reported that Iran’s supreme leader Ayatollah Mojtaba Khamenei ordered the country’s enriched uranium to remain in the Islamic republic, which was viewed as a complication of peace talks because of U.S. president Donald Trump ’s repeated demand that Iran’s nuclear program be dismantled. “ We’ve been in this situation multiple times before, which ‌ultimately led to disappointment ING The development came a day after Iran announced a new 'Persian Gulf Strait Authority,' which would oversee a "controlled maritime zone" in ⁠the Strait – something Washington andmany world leaders have condemned as unacceptable. Pakistan ’s army chief, Asim Munir , was reportedly  en route to Tehran to help get the peace talks back on track, as secretary of state Marco Rubio told media, “The pre