Global oil prices have fallen to their lowest level in two weeks amid reports of a possible deal between the US and Iran.
It was reported by CNN and Reuters.
Brent crude futures fell 4.55% to USD 93.83 per barrel. Meanwhile, US WTI crude lost 4.73% of its value, dropping to USD 92.03 per barrel.
The drop in prices was driven by expectations that Washington and Tehran could agree to resume shipping through the Strait of Hormuz, which has been closed since the start of the war.
Before the escalation, about 20% of global oil supplies were transported via this route.
"Now there is a light at the end of the tunnel, which will bring some relief to oil prices in the short term," said MST Marquee analyst Saul Kavonic.
At the same time, experts warn that even if the strait reopens, it could take several months to fully restore supplies and repair the damaged infrastructure.
JPMorgan analysts predict that the average oil price by the end of 2026 could be around USD 97 per barrel if the Strait of Hormuz reopens as early as the beginning of June.
As the Ukrainian News agency earlier reported, on Thursday, May 21, oil prices rose by more than 1%, partially recouping previous losses, as investors monitored peace talks between the US and Iran, while limited supply and a decline in US inventories provided some support to the market.
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