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2026-05-27 14:03:21
[Oil Prices Retreat from Highs, Market Focuses on US-Iran Negotiations] 1. On Wednesday, oil prices retreated from previous highs, partially erasing the previous day's gains of approximately 4%. This was primarily due to the continued complexity of the negotiations between Iran and the United States, with renewed escalation of hostilities hindering efforts to reopen the Strait of Hormuz. 2. Brent crude futures for August delivery are currently down 163% to $95.09 per barrel; West Texas Intermediate crude futures for July delivery are down 2% to $91.94 per barrel. 3. Iran stated on Tuesday that US strikes against targets near the Strait of Hormuz violated the ceasefire agreement; the US responded that its strikes were defensive in nature. 4. Meanwhile, Israel intensified its bombing of Lebanon on Tuesday, further pressuring current peace efforts. 5. Nevertheless, several liquefied natural gas (LNG) carriers have recently been confirmed to have transited the Strait of Hormuz, boosting market expectations that the waterway may soon reopen, thereby increasing global supply.
