Overview
- President Donald Trump said Monday talks with Iran were “proceeding nicely,” although he warned that the U.S. could go back on the offensive if their discussions fall apart.
- Earlier, Trump said that an agreement to reopen the Strait of Hormuz, among other issues, was largely negotiated and would be announced soon.
Crude oil prices fell 7% Monday as the U.S. and Iran showed signs of making progress toward an agreement that would end their three-month long war and reopen the Strait of Hormuz, even as the timeline for closing such a deal remained nebulous.
International benchmark Brent futures lost about 7% to close at $96.14 per barrel. West Texas Intermediate futures shed more than 6% to $90.30 per barrel.
Source: https://www.cnbc.com/2026/05/24/oil-price-iran-war-strait-hormuz-trump-peace-talks.html