{"id":354,"date":"2026-05-29T04:38:50","date_gmt":"2026-05-29T04:38:50","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=354"},"modified":"2026-05-29T04:38:50","modified_gmt":"2026-05-29T04:38:50","slug":"oil-falls-over-1-on-reports-of-potential-us-iran-ceasefire-deal","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=354","title":{"rendered":"Oil falls over 1% on reports of potential US-Iran ceasefire deal"},"content":{"rendered":"
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SINGAPORE, May 29 (Reuters) – Oil futures fell more than 1% on Friday and were on track for their steepest weekly decline since early April, following \u200breports that the U.S. and Iran had agreed to extend a ceasefire, \u200cthough it had yet to be finalised.<\/div>\n
Brent crude futures for July fell 1.1% or $1.04 to $92.67 a barrel at 0330 GMT. U.S. oil futures fell $1.26, or 1.4%, to $87.64 a barrel. Brent plunged 10.5% \u200bthis week – the steepest plunge since the week that ended on April \u200b6, while WTI fell 9.2% – the biggest weekly loss since the \u2060week that ended on April 13.<\/div>\n
The U.S. and Iran reached an agreement on Thursday to \u200bextend a ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources \u200btold Reuters, though U.S. President Donald Trump has yet to approve it and Iranian state media said it had not been finalised.<\/div>\n
“Consensus remains the conflict is over, and a deal is coming. \u200bAs long as this narrative holds, crude oil has room to extend its decline \u200btoward trendline support in the low $80s,” IG analyst Tony Sycamore said.<\/div>\n
Prices have been volatile in recent \u200csessions, \u2060swinging by as much as $6 for both benchmarks on conflicting signals over a possible end to the three-month U.S.-Israeli war on Iran and the potential reopening of the Strait of Hormuz – a key conduit for roughly a fifth of the world’s oil and \u200bliquefied natural gas supplies.<\/div>\n
Traffic \u200bthrough the maritime \u2060chokepoint remains a small fraction of the pre-war level. Analysts at ING said a reopening of the strait would offer some immediate \u200brelief to the oil market, but a recovery is still uncertain.<\/div>\n
“Upstream \u200boil production \u2060has fallen significantly since the war, with producers shutting in production in order to manage storage constraints,” ING said in a note. “The recovery in upstream production will be gradual \u2060rather \u200bthan immediate.”<\/div>\n
“Refineries in the region need to ramp up \u200boutput. This will take time, given that some of this infrastructure was targeted in attacks earlier in the \u200bconflict.”<\/div>\n<\/div>\n

Read more Trump\u2019s room to maneuver narrows as US, Iran close in on framework deal<\/a><\/p>\n

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Read more Rare US core inflation \u2018wedge\u2019 a headache for Warsh\u2019s Fed<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Oil futures fell more than 1% on Friday and were on track for their steepest weekly decline since early April, following \u200breports that the U.S. and Iran had agreed to extend a ceasefire, \u200cthough it had yet to be finalised.<\/p>\n","protected":false},"author":1,"featured_media":353,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[21,29],"class_list":["post-354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-energy","tag-transport-fuels"],"yoast_head":"\nOil falls over 1% on reports of potential US-Iran ceasefire deal - Reliable Moving Crews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reliablemovingcrews.com\/?p=354\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil falls over 1% on reports of potential US-Iran ceasefire deal - 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