Oil price drops amid hopes of US-Iran peace deal
Oil prices have dropped as investors express optimism over a potential peace deal between the US and Iran. Brent crude futures fell by 1.3%, marking a significant monthly decline. The ongoing conflict has disrupted global shipping and raised concerns about economic stability.
- ▪Brent crude futures fell by 1.3% to $91.54, heading towards a 17% decline since the start of May.
- ▪West Texas Intermediate futures dropped by 1.4% to $87.64 a barrel, down 7% from earlier this week.
- ▪A tentative deal to extend a ceasefire in the US-Iran conflict has been reported, although it has not yet been finalized.
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The Middle East conflict has disrupted shipping. Photograph: Kyodo/ReutersView image in fullscreenThe Middle East conflict has disrupted shipping. Photograph: Kyodo/ReutersOilOil price drops amid hopes of US-Iran peace dealCommodity poised for one of biggest monthly declines, while global stock markets rally Business live – latest updates Jasper JollyFri 29 May 2026 04.33 EDTLast modified on Fri 29 May 2026 04.37 EDTSharePrefer the Guardian on GoogleOil prices fell on Friday as investors hoped for the end of the US-Israel war on Iran, leaving the commodity poised for one of the biggest monthly declines ever.The price of Brent crude futures, the global benchmark, fell by 1.3% to $91.54.
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