Global oil prices have dropped about 20% from their 2026 highs on Friday, as investor optimism grows regarding the possibility of a sustained ceasefire agreement between the U.S. and Iran, which could enable shipping through the Strait of Hormuz to restart.
Brent crude fell 1.2% Friday, after dropping nearly 19% in May.
Meanwhile, U.S. West Texas Intermediate futures prices have dropped 16.5% so far this month, and were last seen nearly 1.9% lower on Friday at $87.18.
The price decrease happened despite Iranian forces launching ballistic missiles at Kuwait and deploying attack drones toward the Strait, Thursday.
Currently, the U.S. and Iran are generally seen to have reached a “mostly agreed” understanding on a 60-day memorandum of understanding to extend the ceasefire, but the deal still needs President Donald Trump’s approval.
By CEO NA Editorial Staff
