International oil prices plunge on expectations of Strait of Hormuz reopening
International oil prices fell sharply on May 25 as progress in US-Iran peace talks raised hopes for the reopening of the Strait of Hormuz. WTI crude dropped 6.50%, and Brent crude fell 7.15%.
📋 Article Processing Timeline
- 📰 Published: May 26, 2026 at 06:32
- 🔍 Collected: May 26, 2026 at 07:01 (29 min after Published)
- 🤖 AI Analyzed: May 31, 2026 at 20:13 (133h 11m after Collected)
Central News Agency, New York, May 25. International oil prices plunged today as signs emerged that peace talks between the United States and Iran are making progress toward an agreement that could reopen the Strait of Hormuz. The July delivery price for West Texas Intermediate (WTI) crude on the New York Mercantile Exchange fell $6.28, or 6.50%, to $90.32 per barrel. The July delivery price for Brent crude in London fell $7.40, or 7.15%, to $96.14 per barrel.
FAQ
Why did oil prices drop?
Due to progress in US-Iran talks, raising hopes for the reopening of the Strait of Hormuz.