# Oil prices soften as traders bet on renewal of US-Iran truce - CNBC TV18

> Oil fell as the US and Iran tentatively agreed to extend their ceasefire by 60 days, raising hopes that the Strait of Hormuz will reopen. WTI traded below $88 and Brent near $92, set for the biggest monthly drop since 2020. Trump said he would make a final determination, while Iran said the interim text was not yet finalised.

- Date: 2026-05-29 · published 2026-05-29T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/12492-oil-prices-soften-as-traders-bet-on-renewal-of-us-iran-truce-cnbc-tv18
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A 60-day truce extension and possible Hormuz reopening reduce the crude supply risk premium, which lowers energy and transport costs for feed buyers. The deal remains unconfirmed, so prices could reverse if talks break down.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-03-24 | [Oil prices drop 2% as Iran considers US proposal to end war \| Reuters](https://feedsoft.ai/events/8151-oil-prices-drop-2-as-iran-considers-us-proposal-to-end-war-reuters.md) | +17.0% | +4.7% |
| WTI | 2026-04-08 | [Oil prices plunge on Trump's US-Iran ceasefire post](https://feedsoft.ai/events/6900-oil-prices-plunge-on-trump-s-us-iran-ceasefire-post.md) | -18.9% | -8.3% |
| WTI | 2024-04-17 | [Oil prices fall more than 3% as traders discount Iran-Israel war risk](https://feedsoft.ai/events/30931-oil-prices-fall-more-than-3-as-traders-discount-iran-israel-war-risk.md) | -2.3% | -7.9% |
| WTI | 2020-01-08 | [Oil prices plunge as Trump speech eases Iran fears \| CNN Business](https://feedsoft.ai/events/9660-oil-prices-plunge-as-trump-speech-eases-iran-fears-cnn-business.md) | -7.0% | -18.9% |
| 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% |
| BRENT | 2026-03-24 | [Oil prices drop 2% as Iran considers US proposal to end war \| Reuters](https://feedsoft.ai/events/8151-oil-prices-drop-2-as-iran-considers-us-proposal-to-end-war-reuters.md) | +15.1% | +0.4% |
| BRENT | 2026-03-24 | [Traders bet $500 million on oil price just before Trump's post on delay to Iran attack \| Reuters](https://feedsoft.ai/events/8154-traders-bet-500-million-on-oil-price-just-before-trump-s-post-on-delay-to-iran.md) | +15.1% | +0.4% |
| BRENT | 2026-04-08 | [Oil prices plunge on Trump's US-Iran ceasefire post](https://feedsoft.ai/events/6900-oil-prices-plunge-on-trump-s-us-iran-ceasefire-post.md) | -13.7% | -8.7% |

## Sources

- cnbctv18.com: https://www.cnbctv18.com/world/oil-prices-soften-as-traders-bet-on-renewal-of-us-iran-truce-ws-l-19916046.htm

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