Oil Prices Suffer Biggest Weekly Collapse in Two Months | OilPrice.com

Crude oil set for 19% collapse in May as traders bet on truce renewal

Brent crude fell ~19% in May to ~$92/barrel after the US and Iran tentatively agreed to extend their ceasefire by 60 days, with Strait of Hormuz reopening conditional on unresolved sticking points (nuclear program, sanctions, mine clearance). Even if a truce holds, analysts warn supply recovery could take months and cost another 1 billion barrels, while US distillate stocks have hit 20-year lows — energy cost pressure on industrial and logistics budgets is not easing near-term.