Oil prices dropped sharply, with Brent nearing $93 per barrel, as the US and Iran tentatively agreed to extend a truce, potentially easing Strait of Hormuz shipping restrictions.
Brent crude fell toward $93 per barrel
May 29, 2026
11:43 am
What's the storyOil prices have fallen slightly after the US and Iran tentatively agreed to extend a truce by 60 days.
The move could pave the way for resumption of shipments through the Strait of Hormuz, a key route for global oil supply.
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