Oil Falls 5 Percent on Hopes for US-Iran Peace Deal
Brent and WTI crude futures settled at their lowest levels since mid-April as traders weighed progress in negotiations to reopen the Strait of Hormuz. While Washington dismissed reports of a finalized framework, increased shipping activity and diplomatic comments suggest a potential easing of supply risks.
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Brent Crude Oil fell 5.31% to $94.29 on the afternoon of May 27 as investors weighed progress on a peace framework between the United States and Iran. Both global benchmarks reached their lowest levels since April 17, erasing gains from the previous session. A potential reopening of the Strait of Hormuz could restore 14 million barrels per day to global energy markets.
