Oil Prices Fall Sharply on News of Possible Iran Deal

[mahatmakanejeeves]

Source: New York Times

Oil Prices Fall Sharply on News of Possible Iran Deal

By Jack Ewing
Published May 24, 2026
Updated May 25, 2026, 4:43 a.m. ET

Oil prices fell sharply on Monday after American officials said that the United States and Iran had agreed in principle to a peace deal that would reopen the Strait of Hormuz. But final approval of a deal could take days.

The deal would reopen the waterway between Iran and Oman, a vital trading route for oil and natural gas that normally carries up to one-fifth of the world’s oil supply. In addition, Iran would commit to disposing of its highly enriched uranium, said a U.S. official.

Iran’s leaders and official state media have not publicly commented on what a potential agreement would say or what is being discussed.

Oil prices fall.

* The price of Brent crude, the global benchmark for oil, was down about 5 percent, to around $95 a barrel, for August delivery.

* West Texas Intermediate crude, the U.S. benchmark, also fell 5 percent, to around $92 a barrel, for July delivery.

{snip}

Read more: https://www.nytimes.com/2026/05/24/business/oil-stocks-gas.html

[Earth Bound Misfit]

1. *FACEPALM* Wait til Tuesday...

[no_hypocrisy]

2. How much money will Trump make on the stock market tomorrow?

(Markets are closed on Memorial Day.)

[bucolic_frolic]

3. Hope it holds for 36 hours

I'm short oil. Now understand this is not a big play, but it might pay off in half a tankful.

[BumRushDaShow]

4. ALL of the business media keep dipping and dodging around the actual prices crude

and at least comparing with the pre-war figures, simply characterizing the day-to-day ups and as "up sharply" or "down sharply", but never emphasizing "from what amount".

I.e. they refuse to note that crude has been mostly trading in the $90 - $100/bbl range for MONTHS (with a few upward and downward spikes) after sitting in the $60 - $80 range for a couple years.

[sinkingfeeling]

5. Market manipulation.

[J_William_Ryan]

6. "Oil Prices Fall Sharply on News of Possible Iran Deal"

And prices will be up when there’s no deal – again.

[mymomwasright]

7. People are to slow to realize their gas prices will remain the same

[Rebl2]

8. They Never

Come Down As Fast as They Go UP!

[republianmushroom]

9. Vehicle fuel will remain high

Oil prices fall.

* The price of Brent crude, the global benchmark for oil, was down about 5 percent, to around $95 a barrel, for August delivery.

* West Texas Intermediate crude, the U.S. benchmark, also fell 5 percent, to around $92 a barrel, for July delivery.
Rates for July and August it will take some time for it to come down.