Oil Swings as US and Iran Near Hormuz Deal

2026-05-28 14:36 By Agna Gabriel 1 min. read

Brent crude oil futures fluctuated between gains and losses around $95 per barrel on Wednesday following reports that the US and Iran reached a preliminary agreement to extend their ceasefire and begin negotiations on Iran’s nuclear program.

According to Axios, the proposed 60-day memorandum of understanding would guarantee unrestricted shipping through the Strait of Hormuz, though the deal still requires approval from President Donald Trump.

The report also said Iran would remove all mines from the strait within 30 days.

Earlier in the session, oil prices rose about 2% after the US said it destroyed several attack drones near Hormuz, while Kuwait reported intercepting a missile fired toward the country.

Iran’s Revolutionary Guard also said several ships attempted unauthorized entry into the Persian Gulf, warning it would respond strongly to any disruption in the waterway.



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