# Oil falls on hopes for US-Iran ceasefire agreement | Reuters

> Oil futures fell more than 2% on Friday, posting their steepest weekly decline since early April, as traders awaited confirmation that the US, Israel and Iran had agreed a ceasefire. Brent settled at $92.05 and WTI at $87.36. The deal was not yet finalised, and the Strait of Hormuz remained closed.

- Date: 2026-05-29 · published 2026-05-29T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/12485-oil-falls-on-hopes-for-us-iran-ceasefire-agreement-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Hopes of reopening the Strait of Hormuz reduce the risk premium on crude, which lowers energy and fuel costs for feed production and transport. A confirmed deal would likely push prices lower, while a collapse of talks could reverse the move.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-05-05 | [Oil prices slide on reports US and Iran are nearing peace agreement \| Reuters](https://feedsoft.ai/events/9579-oil-prices-slide-on-reports-us-and-iran-are-nearing-peace-agreement-reuters.md) | -7.6% | -11.4% |
| WTI | 2026-05-05 | [Oil prices fall 4% as fragile US-Iran ceasefire holds, two ships pass through Strait of Hormuz \| Reuters](https://feedsoft.ai/events/9581-oil-prices-fall-4-as-fragile-us-iran-ceasefire-holds-two-ships-pass-through.md) | -7.6% | -11.4% |
| WTI | 2026-04-13 | [Oil prices fall as supply concerns ease on hopes for US-Iran talks - CNA](https://feedsoft.ai/events/10085-oil-prices-fall-as-supply-concerns-ease-on-hopes-for-us-iran-talks-cna.md) | -12.8% | -0.0% |
| WTI | 2026-05-01 | [US Soybean Oil Futures Sink 5% on Iran Ceasefire Plan](https://feedsoft.ai/events/19807-us-soybean-oil-futures-sink-5-on-iran-ceasefire-plan.md) | -9.6% | -16.3% |
| WTI | 2026-04-08 | [USD: Dollar Falls as US-Iran Ceasefire Reduces Demand for Haven Currencies - Bloomberg](https://feedsoft.ai/events/11157-usd-dollar-falls-as-us-iran-ceasefire-reduces-demand-for-haven-currencies.md) | -18.9% | -8.3% |
| BRENT | 2026-05-05 | [Oil prices slide on reports US and Iran are nearing peace agreement \| Reuters](https://feedsoft.ai/events/9579-oil-prices-slide-on-reports-us-and-iran-are-nearing-peace-agreement-reuters.md) | -9.6% | -16.4% |
| BRENT | 2026-05-05 | [Oil prices fall 4% as fragile US-Iran ceasefire holds, two ships pass through Strait of Hormuz \| Reuters](https://feedsoft.ai/events/9581-oil-prices-fall-4-as-fragile-us-iran-ceasefire-holds-two-ships-pass-through.md) | -9.6% | -16.4% |
| BRENT | 2026-04-13 | [Oil prices fall as supply concerns ease on hopes for US-Iran talks - CNA](https://feedsoft.ai/events/10085-oil-prices-fall-as-supply-concerns-ease-on-hopes-for-us-iran-talks-cna.md) | -11.3% | -3.8% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-falls-slightly-reports-potential-us-iran-ceasefire-deal-2026-05-29/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.