May 26, 2026
By Obas Esiedesa, Abuja
Crude oil prices fell by 5.5 per cent on Monday to about $97.6 per barrel amid growing optimism over a possible peace agreement between the United States and Iran aimed at easing tensions around the Strait of Hormuz, a critical global oil transit route.
Brent crude, the international benchmark, slipped below the $100 per barrel mark after weeks of volatility triggered by the conflict, which disrupted oil supplies moving through the Strait of Hormuz, a channel that handles about one-fifth of global crude trade.
The price decline followed comments by US President Donald Trump, who said a deal with Iran was “largely negotiated,” although he stressed that any final agreement must be “great and meaningful,” warning that otherwise there would be “no deal.” Trump said discussions were centred on reopening the Strait of Hormuz and ensuring broader regional stability.
