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Brent posted its biggest one-month drop in six years, falling nearly 20% in May, and WTI fell almost 17%. US gasoline averaged $4.39 per gallon, still 47% above the start of the Iran war.
The decline was driven mainly by White House messaging about a possible deal with Iran.
Crude's sharp fall lowers fuel and transport costs, but pump prices remain high, which keeps logistics costs elevated for feed buyers. Price direction depends on whether a US-Iran agreement is reached.
nbcnews.comSteve KopackMay 29, 2026After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
