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.

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 saw a slight dip on Friday. Hopes for a U.S. and Iran ceasefire extension are influencing the market. U.S. Vice President JD Vance indicated progress but noted…

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 dropped toward $92 a barrel, down 19% this month, while West Texas Intermediate was below $88.

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 fell sharply as traders focused on the prospect of a U.S.-Iran diplomatic breakthrough despite ongoing supply disruptions, declining inventories, and continued risks in…

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.

The average price of gas fell 17 cents since its peak earlier this month, but it’s still 47% higher than it was at the start of the Iran war.

Oil prices fell as Trump hinted at a US-Iran deal. Crude oil reaching a new all-time high by May 31 at 0.3% YES.

By Isabel Wang and Myra P. Saefong

By Isabel Wang and Myra P. Saefong

Brent crude fell nearly 19% in May 2026, the worst monthly drop since COVID-era 2020, as US-Iran ceasefire hopes eased supply fears. Here's how it hit crypto.