Oil Prices Set to Slump 19% in May as Market Bets on U.S.-Iran Deal
AI Summary
Oil prices are projected to decline sharply by 19% in May, driven by market speculation around a potential U.S.-Iran deal and easing tensions disrupting supply. Brent Crude and WTI benchmarks reflect significant drops amid this geopolitical optimism.
Early on Friday, oil prices were on track to plunge by 19% in May as traders and speculators bet on an extended ceasefire and an eventual U.S.-Iran deal despite the biggest physical supply disruption in history. Brent Crude prices were poised to drop by 19% in May by the end of the trade day on Friday, which would be the steepest monthly decline in prices since 2020. Early on Friday, Brent Crude front-month futures traded flat at $93.84 per barrel, while the U.S. benchmark, WTI Crude, was down by 0.12% at $88.94 a barrel. The slump in prices in…