Brent Crude Drops 10% to $92 as 60-Day Ceasefire, Hormuz Reopening Bets Build

8 articles · Updated · OilPrice.com · May 29

$92 Brent is on track for its biggest weekly loss in two months, with prices down nearly 10% as traders increasingly price in a 60-day ceasefire extension and partial reopening of the Strait of Hormuz.
Those expectations have eased immediate supply fears for oil importers even before any formal agreement by Donald Trump and Iran's Supreme Leader Ali Khamenei.
The shift comes despite fresh U.S. pressure on Iran's oil trade, with the Treasury adding 8 tankers and 15 Hong Kong- and UAE-based entities to its sanctions list.
Supply risks have not disappeared: Kazakhstan's Chevron-operated Tengiz field reportedly plunged from 950,000 b/d to 60,000 b/d after an accident, while Japan's April crude imports fell 66% year on year to 850,000 b/d.

With oil prices falling, why are the costs to ship everything else soaring to record highs?

Could unresolved 'red lines' in the US-Iran deal shatter the fragile truce over the Strait of Hormuz?

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