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2026-05-29 22:22:15
[Report: Oil Prices Continue to Decline on Hopes for a US-Iran Deal] Crude oil futures extended their losses as markets anticipated a deal to open the Strait of Hormuz might be reached soon. "Expectations of more oil shipments passing through the strait this weekend are continuing to pressure prices as a peace agreement is brewing," said Dennis Kissler, an analyst at BOK Financial, in a report. "While global crude supply remains tight, concerns about a prolonged supply shortage are continuing to dissipate from the price curve," he added. West Texas Intermediate (WTI) crude fell 1.7% to $87.40 a barrel and Brent crude fell 1.7% to $92.12 a barrel before the July contract expired today.
