Business

Oil Prices Drop on Ceasefire Hopes

Updated 2026-05-29 11:20 UTC 1 source Neutral

Global oil prices have fallen by 20% from their recent peak, driven by optimism that a potential U.S.-Iran ceasefire could ease tensions and open the Strait of Hormuz.

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CNBC

Oil drops 20% from 2026 peak on optimism over U.S.-Iran ceasefire talks

Global oil prices have retreated sharply amid hopes that a lasting Middle East ceasefire can unlock the Strait of Hormuz.

2026-05-29 10:51 UTC