Brent crude oil futures dropped more than 4% to below $96 per barrel on Wednesday, hovering near a five-week low as optimism grew that the US and Iran could reach a peace agreement, despite conflicting signals from both sides. Iranian state television reported an unofficial draft of an interim deal to end the war, while the White House dismissed the report as “a complete fabrication”. A potential reopening of the Strait of Hormuz, which normally carries about 20% of global oil and LNG supplies, could significantly ease pressure on global energy markets. However, major issues remain unresolved, including Iran’s frozen assets and guarantees over shipping access through the strait. Iranian officials said indirect talks with Washington are continuing, while US Secretary of State Marco Rubio warned that any agreement may still take several days. The Strait remains largely closed, although two non-Iranian supertankers crossed Hormuz on Tuesday for the first time in a week.

Brent fell to 94.89 USD/Bbl on May 27, 2026, down 4.71% from the previous day. Over the past month, Brent's price has fallen 9.11%, but it is still 47.53% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent crude oil - data, forecasts, historical chart - was last updated on May 27 of 2026.

Brent fell to 94.89 USD/Bbl on May 27, 2026, down 4.71% from the previous day. Over the past month, Brent's price has fallen 9.11%, but it is still 47.53% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil is expected to trade at 105.57 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 120.25 in 12 months time.



Price Day Month Year Date
Crude Oil 89.41 -4.480 -4.77% -10.53% 44.58% May/27
Brent 94.89 -4.690 -4.71% -9.11% 47.53% May/27
Natural gas 3.09 0.0780 2.59% 14.75% -13.19% May/27
Gasoline 3.15 -0.0693 -2.15% -8.05% 50.34% May/27
Heating Oil 3.61 -0.1027 -2.76% -7.21% 72.98% May/27
Coal 132.60 0.55 0.42% 0.26% 31.42% May/26
Ethanol 1.98 -0.0300 -1.49% -0.63% 9.39% May/27
Naphtha 775.23 -39.94 -4.90% -17.14% 42.12% May/26
Propane 0.87 0.03 3.98% 7.72% 16.41% May/26
Uranium 85.30 0.3500 0.41% -1.95% 18.55% May/27
Methanol 2,989.00 -25.00 -0.83% -6.88% 34.10% May/27
Urals Oil 92.95 -3.37 -3.50% -12.98% 61.23% May/26


Brent crude oil
Brent crude oil is one of the principal benchmark prices for oil traded globally. Originating from the North Sea, Brent serves as a key pricing reference for crude oil produced in Europe, Africa, and the Middle East, particularly for supplies moving westward. Due to its broad use in international trade, Brent is widely regarded as a global benchmark for oil pricing. Brent crude is typically classified as light and sweet, meaning it has relatively low density and sulfur content, making it easier to refine into products such as gasoline and diesel. Brent prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official Brent crude benchmarks. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
94.89 99.58 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Brent Crude Down on Hopes for US-Iran Peace Deal
Brent crude oil futures dropped more than 4% to below $96 per barrel on Wednesday, hovering near a five-week low as optimism grew that the US and Iran could reach a peace agreement, despite conflicting signals from both sides. Iranian state television reported an unofficial draft of an interim deal to end the war, while the White House dismissed the report as “a complete fabrication”. A potential reopening of the Strait of Hormuz, which normally carries about 20% of global oil and LNG supplies, could significantly ease pressure on global energy markets. However, major issues remain unresolved, including Iran’s frozen assets and guarantees over shipping access through the strait. Iranian officials said indirect talks with Washington are continuing, while US Secretary of State Marco Rubio warned that any agreement may still take several days. The Strait remains largely closed, although two non-Iranian supertankers crossed Hormuz on Tuesday for the first time in a week.
2026-05-27
Brent Tumbles as Iran Pledges Hormuz Shipping Recovery
Brent crude oil futures fell more than 4.5% to below $95 per barrel on Wednesday, after Iranian state television said Tehran is committed to restoring commercial shipping through the Strait of Hormuz to pre-war levels within a month. The strait, which normally handles about 20% of global oil and LNG flows, remains a critical route for energy markets. At least two non-Iranian supertankers exited the chokepoint on Tuesday, marking the first movement in a week of roughly 4 million barrels of unrestricted crude through Hormuz. Oil prices have now fallen to near five-week lows and are down more than 16% in May after surging in March and April, supported by optimism that the US and Iran are moving closer to a deal to fully reopen the strait. An Iranian official said indirect talks with Washington are continuing, while US Secretary of State Marco Rubio warned that any peace agreement could still take several days to complete.
2026-05-27
Brent Falls Toward 5-Week Low
Brent crude oil futures fell around 3% to $96.6 per barrel on Wednesday, near a five-week low, as optimism grew that the US and Iran could reach a peace agreement despite ongoing hostilities. US Secretary of State Marco Rubio said a potential deal may still take several days to finalize. At the same time, US forces struck targets near the strait, while Iran’s Revolutionary Guard claimed it fired at multiple US aircraft entering Iranian airspace. The vital waterway, which normally handles about 20% of global oil and LNG flows, remains effectively closed amid blockades by both sides. Still, two non-Iranian supertankers managed to leave the chokepoint on Tuesday, marking the first significant movement of unrestricted crude in a week.
2026-05-27