Oil drops 20% from 2026 peak on optimism over U.S.-Iran ceasefire talks

🌐 CNBC (United States) — 2026-05-29

Global oil prices have dropped by 20% from their 2026 peak due to optimism about U.S.-Iran ceasefire negotiations. The potential ceasefire could ease tensions impacting the Strait of Hormuz, a critical energy shipping route.

Global oil prices have retreated sharply amid hopes that a lasting Middle East ceasefire can unlock the Strait of Hormuz.

World Conflict Politics Markets Commodities Energy Shipping oil prices U.S.-Iran relations ceasefire talks Strait of Hormuz energy markets Middle East

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Oil drops 20% from 2026 peak on optimism over U.S.-Iran ceasefire talks

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