Global Economy Briefing — May 26, 2026

Oil prices plunge more than 6% on hopes for US-Iran deal, Hormuz reopening

WTI fell 6.3% to $90.55/barrel and Brent 6.6% to $96.14 as Trump signaled a US-Iran nuclear deal framework is "advancing," raising expectations of Strait of Hormuz reopening and Iranian oil export resumption. For energy-exposed tech budgets and data center operators, a sustained reversal from the $110–120 peak removes a key inflationary input cost pressure, though full supply recovery and sanctions relief remain months away.