May 26, 2026
Oil prices rebounded back to $100 on Tuesday while stock markets were mixed and the dollar firmed after US military strikes on Iran deflated hopes of an imminent deal to reopen the Strait of Hormuz.
The United States and Iran have been working on an agreement to end the Middle East war and reopen the crucial waterway to tanker and cargo traffic since a fragile ceasefire on April 8.
But the fresh strikes had Tehran warning it was ready to retaliate after it accused Washington of breaching their truce with what US Central Command described as “self-defence strikes”.
Stock markets had rallied Monday and crude futures dropped below $100 a barrel after reports that a deal might come within days.
