B1292 words1:42News Report American AccentPublished May 29, 2026 · Updated May 30, 2026

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Oil Prices Drop Sharply as Hopes Grow for a US-Iran Deal

Oil prices are falling fast and could see their biggest monthly drop since 2020.

The price of Brent crude, which is the global standard for oil, has fallen about 19% since the end of April.

On Friday, Brent crude was trading at around 92 dollars per barrel, which was down 1.3% from the day before.

The main reason for this drop is growing hope for a peace deal between the United States and Iran.

The conflict in Iran has lasted about 90 days and has caused serious problems for the global economy.

Iran responded to the war by closing the Strait of Hormuz, which is a key shipping route in the Gulf region.

Because the strait was closed, a large amount of oil exports from the Gulf were blocked.

According to reports, Donald Trump shared a draft peace agreement with allies.

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The United States news site Axios reported that the two countries had reached a tentative deal to extend a ceasefire by 60 days.

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However, Trump has not yet agreed to the final terms.

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The United States Vice President, JD Vance, said that a deal was "not there yet" but "very close."

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The falling oil prices have also had a positive effect on the stock market.

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Henry Allen, an analyst at Deutsche Bank, said that markets were showing "mounting optimism about an end to the conflict."

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He explained that because oil prices have come down, investors are feeling more confident about economic trends.

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As a result, there has been a clear rally across multiple types of investments.

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The word "stagflation" has been used to describe the risk of slow economic growth combined with rising prices, but this risk now seems smaller.

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Oil prices on track for steepest monthly fall since 2020

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