US oil prices drop below ninety dollars as Iran peace talks progress

May 27, 2026, 2:38:44 PM UTC(4 hours ago)

Impact: Medium

Affected Assets

West Texas Intermediate crude fell below the 90 dollar threshold in late May 2026 following reports that US and Iranian negotiators are nearing a framework for a two month ceasefire
Markets reacted to statements from Secretary of State Marco Rubio indicating that an initial agreement to reopen the Strait of Hormuz could be reached within days
US gasoline prices simultaneously hit their lowest levels since April 2026 as refineries operated at near full capacity using Strategic Petroleum Reserve feedstock
Analysts suggest the price decline reflects a shift in market sentiment as traders weigh the potential for increased global supply against previously tightening inventories
Despite the recent drop experts warn that the energy market remains volatile with prices having fluctuated significantly since reaching 124 dollars per barrel last year

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