General · 29 May 2026
Oil prices tumble on reports of a US-Iran shipping deal
Cheaper crude could ease pressure on fuel markets after benchmark prices headed for their biggest weekly losses since April. On Friday, Brent fell $1.04 to $92.67 a barrel while U.S. oil dropped $1.26 after reports said Washington and Tehran had agreed to extend a ceasefire and reopen shipping through the Strait of Hormuz, although the plan wasn’t finalised. Brent has fallen 10.5% this week.
Reported by Reuters · How we write briefs