Oil prices pull back from highs as markets focus on the direction of U.S.-Iran negotiations

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汇通财经2026/05/27 06:05

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On Wednesday, oil prices retreated somewhat from earlier highs, giving back part of the approximately 4% gain from the previous day. The main reason is that the outlook for negotiations between Iran and the United States remains complicated, and renewed hostilities between the two sides have hindered efforts to reopen the Strait of Hormuz.
Brent crude oil August futures are currently down 1.63% to $95.09 per barrel; US West Texas Intermediate July futures are down 2% to $91.94 per barrel.
On Tuesday, Iran stated that the US strikes on targets near the Strait of Hormuz violated the ceasefire agreement between the two sides. The US responded that its strikes were defensive in nature.
Meanwhile, on Tuesday, Israel intensified its bombing of Lebanon, further increasing pressure on current peace efforts.
Nevertheless, several liquefied natural gas carriers were recently confirmed to have passed through the Strait of Hormuz, boosting market expectations that the waterway could soon reopen to navigation, which would increase global supply.

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Oil prices pull back from highs as markets focus on the direction of U.S.-Iran negotiations

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