Oil advances as strikes near Hormuz Strait cloud outlook for Iran deal
Oil prices have increased following military strikes in Iran, which have complicated negotiations for a deal to reopen the Strait of Hormuz. The US has conducted strikes on missile-launch sites, while tensions remain high between the US and Iran regarding maritime traffic. Analysts suggest that a peace deal is unlikely to be reached soon, despite claims of negotiation progress from both sides.
- ▪Oil prices rose after a significant drop, with Brent nearing US$98 a barrel.
- ▪US forces targeted missile-launch sites in Iran amid ongoing tensions.
- ▪Negotiations between the US and Iran for a ceasefire and reopening of the Strait of Hormuz face significant challenges.
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Oil advances as strikes near Hormuz Strait cloud outlook for Iran dealSign up now: Get ST's newsletters delivered to your inboxReports of fresh military strikes in Iran clouded the outlook for an interim deal between Tehran and Washington to reopen the Strait of Hormuz.PHOTO: REUTERSPublished May 26, 2026, 09:01 AMUpdated May 26, 2026, 09:02 AMListenOil prices ticked higher after slumping by more than 7 per cent on May 25, as reports of fresh military strikes in Iran clouded the outlook for an interim deal between Tehran and Washington to reopen the Strait of Hormuz.Brent rose toward US$98 a barrel, while West Texas Intermediate was near US$91. US forces struck missile-launch sites and boats trying to emplace mines, the New York Times reported, citing a statement from US Central Command.
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