Oil plunges to $89 per barrel after Iran reports that peace deal would reopen Strait of Hormuz in 1 month
Oil prices have dropped to $89 per barrel following reports of a potential peace deal between Iran and the US. The deal could lead to the reopening of the Strait of Hormuz, a critical shipping route for global oil supply, within a month. However, uncertainty remains regarding the finalization of the agreement and Iran's commitment to its terms.
- ▪Oil prices fell by 5.6% after news of a proposed peace deal between Iran and the US.
- ▪The Strait of Hormuz previously carried 20% of the world's oil supply before the conflict.
- ▪Analysts express skepticism about Iran's ability to uphold the terms of the deal.
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Business Oil plunges to $89 per barrel after Iran reports that peace deal would reopen Strait of Hormuz in 1 month By Anthony Blair Published May 27, 2026, 9:38 a.m. ET See more of our coverage in your search results. Add The New York Post on Google Oil prices plunged to $89 a barrel Wednesday following reports that the proposed Iran-US peace deal would see the Strait of Hormuz being reopened in just one month. Crude futures were at more than $107 a barrel just over a week ago. The new fall, a 5.6% drop, came as the market held out hopes for a peace deal to bring the four-month conflict to an end. Oil prices plunged following a report of a memorandum of understanding that would include Iran restoring commercial shipping through the Strait of Hormuz.
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