11 articles · Updated · The New York Times · May 27
Brent crude dropped more than 2% to about $95 a barrel on Wednesday, while WTI fell about 2% to around $92 as the U.S.-Iran cease-fire appeared to hold.
The pullback came despite new flare-ups — Israeli attacks in Lebanon and U.S. strikes on Iranian boats and missile sites — that had revived doubts about a broader peace deal.
U.S. gasoline prices slipped 3 cents to a national average of $4.46 a gallon, though pump prices still remain 50% higher since the war began; diesel averaged $5.58.
Stocks were mixed as oil eased: S&P 500 futures were little changed after Tuesday’s record close, Asian markets split, and Europe’s Stoxx 600 edged higher.
Goldman Sachs lifted its year-end S&P 500 target and sees another 6% gain, but warned the oil shock could still tighten financial conditions and hurt growth.
As military forces continue to clash, is the market's optimism for a lasting US-Iran peace deal misplaced?
What concession will break the deadlock over Iran's nuclear program and control of the Strait of Hormuz?
Can the US military's 'Project Freedom' secure the Strait of Hormuz without escalating into a full-scale war?