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 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…

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

By Isabel Wang and Myra P. Saefong