Brent crude oil tumbled 9% intraday on Sunday evening, sliding from $91.03 to a low of $82.83 after President Trump announced talks with Iran to reopen the Strait of Hormuz. The price later recovered to near $84.06, still down 7.66% on the day. The drop reversed a 9.6% spike from Wednesday, when the same strait closure fears had sent prices soaring.
The Sunday selloff
The move started Sunday evening as Trump said negotiations with Iran to reopen the Strait of Hormuz would begin Monday afternoon. Traders reacted fast, pushing Brent from $91.03 to an intraday low of $82.83 before a partial bounce. The 7.66% net loss is the biggest single-day decline in weeks, though it follows Wednesday's 9.6% jump — a whipsaw that shows how sensitive oil markets are to any news out of the region.
Who pushed for talks
Trump claimed Saudi Arabia, the United Arab Emirates, Qatar, and even Iran itself asked him to hold off on a planned massive attack on Iran. Saudi state media confirmed that Crown Prince Mohammed bin Salman pushed Trump toward deescalation in a weekend phone call. But Iranian state media gave no sign Tehran had shifted its stance on the strait. Semi-official Fars news agency denied that Iran ever asked Trump to pause strikes, contradicting the president's account.
What's at stake for both sides
Americans are paying higher gas prices because of shipping and output disruptions tied to the Hormuz closure. Iran's economy has been strained by months of conflict. A memorandum of understanding signed in June gave both sides 60 days to negotiate, and that window is closing fast. Trump said a separate nuclear agreement would follow a Hormuz deal, but no details have emerged.
Next steps
The talks are set to begin Monday afternoon, but with no confirmation from Tehran of a changed stance, the outcome remains uncertain. The Strait of Hormuz is a critical chokepoint for global oil shipments, and any prolonged closure would keep pressure on prices. For now, traders are watching whether Iran shows up at the table — and what it says if it does.
