Oil Prices Fall Sharply on News of Possible Iran Deal [View all]

Source: New York Times

Oil Prices Fall Sharply on News of Possible Iran Deal

By Jack Ewing
Published May 24, 2026
Updated May 25, 2026, 4:43 a.m. ET

Oil prices fell sharply on Monday after American officials said that the United States and Iran had agreed in principle to a peace deal that would reopen the Strait of Hormuz. But final approval of a deal could take days.

The deal would reopen the waterway between Iran and Oman, a vital trading route for oil and natural gas that normally carries up to one-fifth of the world’s oil supply. In addition, Iran would commit to disposing of its highly enriched uranium, said a U.S. official.

Iran’s leaders and official state media have not publicly commented on what a potential agreement would say or what is being discussed.

Oil prices fall.

* The price of Brent crude, the global benchmark for oil, was down about 5 percent, to around $95 a barrel, for August delivery.

* West Texas Intermediate crude, the U.S. benchmark, also fell 5 percent, to around $92 a barrel, for July delivery.

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Read more: https://www.nytimes.com/2026/05/24/business/oil-stocks-gas.html