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Oil futures plunged on Friday, posting their steepest weekly losses since mid-April, as the US and Iran moved toward ending their war. Negotiators cited a tentative 60-day memorandum to halt hostilities and reopen the Strait of Hormuz.
Refined products fell 7% to 9% on the week, while an EIA report showed a fifth straight weekly crude inventory draw.
Expected reopening of Hormuz flows lowers crude and diesel costs, reducing feed transport and processing expenses. The bullish EIA inventory data was overshadowed by geopolitical expectations, so the downside pressure persists unless talks fail.
dtnpf.comBarani KrishnanMay 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.
After 51 past bearish geopolitics events, ULSD / Diesel moved a median -2.4% over 5 sessions (37% higher; middle half -8.2% to +3.9%), and -2.3% 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.
