Global oil prices have retreated sharply amid hopes that a lasting Middle East ceasefire can unlock the Strait of Hormuz.

Global equities rise and oil drops 5-6% on US-Iran Strait of Hormuz deal optimism. Bitcoin nears $82K as crypto tracks geopolitical risk sentiment.

Oil prices fell as traders focused on hopes for a U.S.-Iran deal despite continued hostilities, tight inventories, and the effective closure of the Strait of Hormuz.

Oil prices moved lower on Wednesday as investors weighed the prospect of a U.S.-Iran agreement that could restore shipping through the Strait of Hormuz.

Oil prices plunged Wednesday on rekindled hopes for progress in US-Iran talks aimed at ending the war in the Middle East.

Oil prices fell on Thursday as hopes of a possible agreement between the US and Iran to prevent further escalation in the Middle East conflict and reopen the Strait of Hormuz…

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.

Analysts warned that any potential ceasefire extension should be viewed cautiously

Commodity poised for one of biggest monthly declines, while global stock markets rally

Global oil prices have retreated sharply amid hopes that a lasting Middle East ceasefire can unlock the Strait of Hormuz.

Oil prices are on track for a 19% monthly drop in May, the steepest since 2020, as traders bet on a U.S.-Iran deal despite the Strait of Hormuz remaining blocked.