Exchange Session 29/5, Brent raw oil dropped $1.7% to 91 a barrel. U.S. Raw Oil WTI also dropped similarly, about 87,3 dollars.
A total of May, Brent oil lost more than 19% - the most powerful since May 340020, when the pandemic caused a series of economic lockdowns and steep fuel needs. The WTI oil has also dropped nearly 17% this month, worst since April/2025.
- Mojo turned the price of Brent's oil for a year. Graph: Trading Economics*
The market descends as U.S. and Iranian investors approach the peace agreement, through which the Hormuz Channel reopens. World oil prices skyrocketed after the war broke out late February, having a time beyond $120 a barrel, reaching the highest four years.
On 29 May, U.S. President Donald Trump announced the meeting at the Office of Situations in the White House, while repeating long-term requests that Iran have to agree never to develop nuclear weapons and reopen important maritime routes through the Hormuz Channel.
"President Trump will only sign a deal that will benefit the US and meet his red line", the press company AFP on 29 May citing anonymous White House officials' statements.
The U.S. officials on 28 May also stated that the U.S. and Iranian negotiations were unanimously unanimously limiting the ceasefire to 60 days, lifted restrictions on the movement through the Hormberg Channel and began negotiations on Iran's nuclear program. Even so, Trump will have to sign this memo.