Oil Price Today (May 29): Crude oil falls as peace deal hopes offset constant tensions. What are experts saying?

Oil Price Today (May 29): Crude oil falls as peace deal hopes offset constant tensions. What are experts…

Brent crude slipped 0.37% to $93.36 on Friday as U.S.-Iran ceasefire extension talks advanced, though Trump has yet to approve the deal; Brent is down over 8% on the week after swinging between $87 and $109. Morgan Stanley warns the market is in "a race against time": if the Strait of Hormuz stays closed through June, U.S. export buffers and weak Chinese demand may no longer offset the supply shock, putting pressure on energy cost forecasts for H2 2026.