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2026-05-28 06:58:42
[WTI Crude Oil Rises Slightly as US-Iran Disagreements Continue to Hinder Negotiation Progress] 1. WTI crude oil futures rose about 1% to $89.70 per barrel in early trading on Thursday, weighed down by the ongoing disagreement between the US and Iran over the reopening of the Strait of Hormuz. 2. Trump publicly expressed "dissatisfaction" with the progress of negotiations, and the White House denied reports of a draft agreement for Iran and Oman to jointly monitor shipping in the strait. 3. Despite numerous challenges, the market remains hopeful that the warring parties will reach at least a temporary agreement, putting crude oil prices on track for a second consecutive week of decline. 4. The sticking points in this protracted negotiation include Iran's desire to retain control of the Strait of Hormuz and the ultimate fate of its nuclear program. 5. Rabobank global energy strategist Joe DeLaura noted, "The current oil market is too 'complacent.' The release of strategic petroleum reserves is helping to buffer some of the supply losses caused by the war."
