Oil Eases Amid Ongoing US-Iran Uncertainty

2026-05-26 23:40 By Jam Kaimo Samonte 1 min. read

WTI crude futures fell to around $92 per barrel on Wednesday, resuming the decline as investors assessed signs of potential progress toward a US-Iran peace agreement alongside renewed tensions and lingering uncertainty surrounding the strategic Strait of Hormuz.

US Secretary of State Marco Rubio said any deal could still take several days to complete, with unresolved issues including Tehran’s frozen assets and its hesitation to guarantee unrestricted passage through Hormuz.

At the same time, the US military said it carried out self-defense strikes in southern Iran, while Iran’s Revolutionary Guard claimed it targeted an F-35 fighter jet and several drones after they allegedly entered Iranian airspace.

Regional powers including Saudi Arabia, Qatar and the United Arab Emirates are also pressing President Donald Trump to pursue diplomacy, amid concerns that further military escalation could prompt Iran to retaliate against neighboring states.



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Oil Eases Amid Ongoing US-Iran Uncertainty
WTI crude futures fell to around $92 per barrel on Wednesday, resuming the decline as investors assessed signs of potential progress toward a US-Iran peace agreement alongside renewed tensions and lingering uncertainty surrounding the strategic Strait of Hormuz. US Secretary of State Marco Rubio said any deal could still take several days to complete, with unresolved issues including Tehran’s frozen assets and its hesitation to guarantee unrestricted passage through Hormuz. At the same time, the US military said it carried out self-defense strikes in southern Iran, while Iran’s Revolutionary Guard claimed it targeted an F-35 fighter jet and several drones after they allegedly entered Iranian airspace. Regional powers including Saudi Arabia, Qatar and the United Arab Emirates are also pressing President Donald Trump to pursue diplomacy, amid concerns that further military escalation could prompt Iran to retaliate against neighboring states.
2026-05-26
WTI Crude Oil Around $94
WTI crude oil futures pared some losses to trade around $94 per barrel on Tuesday, with traders weighing the situation in the Middle East and fresh tensions between the US and Iran. Recent clashes included US strikes near the Strait of Hormuz, while reports indicated the US Navy has resumed escorting tankers through the area. Iran’s Revolutionary Guard also claimed it fired at an F 35 fighter jet and several drones after they entered Iranian airspace. The developments come as negotiations continue to end a conflict that has disrupted global energy markets. Secretary of State Marco Rubio said talks may take several more days as both sides work on the wording of an initial agreement. Oil prices, which surged in March and April, are now on track for a monthly decline as markets weigh the fragile ceasefire and possible reopening of Hormuz against rapidly tightening global inventories.
2026-05-26
WTI Crude Near 5-Week Low
WTI crude oil futures traded below $93 per barrel on Tuesday, near a five-week low, as markets balanced optimism over ongoing US-Iran negotiations against renewed military operations in southern Iran. Reports said the US military targeted missile launch sites and vessels suspected of preparing to deploy mines, with US Central Command stating the actions were intended to protect American forces in the region. At the same time, President Donald Trump said discussions with Tehran were progressing positively but warned that further strikes could follow if talks collapse. The US and Iran are currently negotiating a framework to extend the ceasefire by around two months, during which Washington would ease its blockade while Tehran would reopen the Strait of Hormuz.
2026-05-26