Vetted by NeuralPress's Multi-Agent Verifier for strict factual validity and event relevance. Our compliance engine cross-checks and filters search results to ensure zero false correlations or misleading content.
Impact of Diplomacy on Crude Oil Prices
Percentage decline in crude oil contracts following diplomatic reports.
Primary Sources
Oil slips to 2-week low as US-Iran seen moving closer to peace deal
By Florence Tan SINGAPORE, May 25 (Reuters) - Oil prices hit two-week lows on Monday on optimism that the U.S. and Iran were moving closer towards a peace deal even though they remained at odds over
Oil slips 6% as US, Iran seen moving closer to peace deal
Oil containers at the Port of Fujairah, as the U.S.-Israel conflict with Iran limits marine traffic in the Strait of Hormuz, in Fujairah, United Arab Emirates, May 6, 2026. REUTERS/Amr Alfiky Purchase Licensing Rights, opens new tabSummaryWashington cites progress in Iran conflict resolutionTrump says there is no rush for Iran deal, US blockade staysSINGAPORE, May 25 (Reuters) - Oil prices fell 6% to two-week lows on Monday, as optimism grew that the United States and Iran were moving closer to a peace deal, even though they remain at odds over key issues, such as blockades on the Strait of Hormuz.Brent crude futures fell $5.85, or 5.7%, to $97.69 a barrel by 0343 GMT, while U.S. West Texas Intermediate were at $90.85 a barrel, down $5.75, or 6%. Both contracts touched their lowest since May 7 earlier in the session. Sign up here.On Saturday, U.S. President Donald Trump said Washington and Iran had "largely negotiated" an understanding on a peace deal that would reopen the Strait of Hormuz, which had carried a fifth of global shipments of oil and liquefied natural gas before the conflict."Notwithstanding all the caveats and risks that remain to the peace deal and Strait of Hormuz, there is now some light at the end of the tunnel, which will bring some near-term oil price relief," said MST Marquee analyst Saul Kavonic.However, the two sides remain at odds on several difficult issues, with Trump saying on Sunday he had told his representatives not to rush into any deal with Iran."We've been at this stage before, only for talks to break down. Therefore, the market will likely be more cautious about overreacting," said Warren Patterson, head of commodities strategy at ING.Analysts expect a return to normal oil flows through the strait will take months, while damaged oil and gas facilities are repaired."The longer the crisis stretches, the more debatable it becomes whether world leaders genuinely want a quick end to disruptions," said Phillip Nova analyst Priyanka Sachdeva.U.S. energy firms responded to higher local energy prices by adding oil and natural gas rigs for the fifth week in a row, for the first time since February 2025.The rig count, an early indicator of future output, rose by seven to 558 in the week to May 22, its highest since June 2025. Even so, Baker Hughes said the total count was still down eight rigs, or 1% below this time last year."Momentum indicators suggest markets are attempting to stabilise after last week’s aggres...
Oil slips to 2-week low as US and Iran seen moving closer to peace deal ...
Oil prices hit two-week lows amid optimism that the US and Iran are moving closer toward a peace deal, even though they remain at odds over key issues, including Iran's blocking of the Strait of ...
Oil slips below $103 as Iran de-escalation hopes steady markets; gold ...
Oil slips below $103 as Iran de-escalation hopes steady markets; gold rebounds Easing geopolitical tensions also weakened the US dollar, which slipped against major currencies after a recent rally ...
