WTI crude oil futures plunged 6% to $88.3 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.

Crude Oil fell to 90.78 USD/Bbl on May 27, 2026, down 3.31% from the previous day. Over the past month, Crude Oil's price has fallen 9.15%, but it is still 46.80% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Crude Oil reached an all time high of 147.27 in July of 2008. Crude Oil - data, forecasts, historical chart - was last updated on May 27 of 2026.

Crude Oil fell to 90.78 USD/Bbl on May 27, 2026, down 3.31% from the previous day. Over the past month, Crude Oil's price has fallen 9.15%, but it is still 46.80% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 98.72 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 114.39 in 12 months time.



Price Day Month Year Date
Crude Oil 90.78 -3.107 -3.31% -9.15% 46.80% May/27
Brent 96.48 -3.101 -3.11% -7.59% 50.00% May/27
Natural gas 3.08 0.0735 2.44% 14.59% -13.31% May/27
Gasoline 3.14 -0.0832 -2.58% -8.46% 49.67% May/27
Heating Oil 3.62 -0.0954 -2.57% -7.03% 73.33% May/27
Coal 132.60 0.55 0.42% 0.26% 31.42% May/26
Ethanol 2.01 -0.0250 -1.23% 0.88% 11.05% May/26
Urals Oil 92.95 -3.37 -3.50% -12.98% 61.23% May/26



Related Last Previous Unit Reference
United States API Crude Oil Stock Change -9.10 -2.19 BBL/1Million May 2026
Saudi Arabia Crude Oil Production 6879.00 7763.00 BBL/D/1K Apr 2026
United States Crude Oil Production 13626.00 13237.00 BBL/D/1K Feb 2026
Russia Crude Oil Production 10026.55 10026.55 BBL/D/1K Jan 2026
United States Crude Oil Stocks Change -7.86 -4.31 BBL/1Million May 2026
United States Weekly Crude Oil Production 13702.00 13710.00 Thousand Barrels Per Day May 2026

Crude Oil
Crude oil is one of the most widely followed commodities in the world due to its central role in the global economy. It is a key source of energy, a critical input for transportation and manufacturing, and a major driver of inflation and geopolitical dynamics. As a result, movements in oil prices are closely monitored by governments, businesses, and investors alike. West Texas Intermediate (WTI) crude oil is classified as light and sweet, where “light” refers to its low density and “sweet” indicates its low sulfur content. The delivery point for WTI crude oil futures is the Cushing Hub in Oklahoma, and each futures contract represents 1,000 barrels of crude oil. Crude oil 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 WTI crude oil prices. Official pricing and settlement data for WTI crude oil futures should be obtained directly from NYMEX. 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
90.78 93.89 147.27 -40.32 1983 - 2026 USD/BBL Daily

News Stream
WTI Plunges as Iran Pledges Hormuz Shipping Recovery
WTI crude oil futures plunged 6% to $88.3 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
Crude Oil Hits 5-week Low
Crude Oil decreased to 88.39 USD/Bbl, the lowest since April 2026. Over the past 4 weeks, Crude Oil WTI lost 11.28%, and in the last 12 months, it increased 43.36%.
2026-05-27
Oil Falls Toward 5-Week Low
WTI crude oil futures fell around 4% to below $90 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