Oil Slips Toward $88 as 60-Day US-Iran Truce May Reopen Hormuz
Updated
Updated · Bloomberg · May 28
Oil Slips Toward $88 as 60-Day US-Iran Truce May Reopen Hormuz
11 articles · Updated · Bloomberg · May 28
WTI fell toward $88 a barrel at the open, while Brent closed near $94, as traders reacted to a tentative 60-day extension of the US-Iran ceasefire.
The proposed deal could allow unrestricted shipping to resume through the Strait of Hormuz, easing fears over a chokepoint that has disrupted global energy flows during the three-month war.
President Donald Trump has not yet accepted the terms, according to a person familiar with the matter, leaving the ceasefire extension and shipping restart uncertain.
Oil had already swung sharply earlier Thursday—Brent dropped from about $98 to the low $93s before rebounding—showing how sensitive prices remain to each shift in the truce talks.
Will the US risk a wider war by seizing Iran's primary oil export hub, Kharg Island?
Can a fragile ceasefire survive continued US attacks and reopen the world’s most vital oil waterway?
Beyond oil prices, what is the conflict's devastating human cost for 3.2 million displaced civilians?
Brent Crude Volatility and the 2026 US-Iran Ceasefire: Economic and Geopolitical Impacts
Overview
As of May 28, 2026, the U.S. stock market is reaching new highs, driven by strong profits from companies like Dollar Tree, Snowflake, and Hormel Foods. However, this growth is happening alongside sharp oil price swings and economic pressure caused by the ongoing conflict with Iran. The war has led to a steady decline in U.S. crude oil reserves, tightening supply and making oil prices more sensitive to geopolitical events. This combination of strong market performance and heightened volatility highlights how closely financial markets are tied to global events and energy supply risks.