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Oil fell nearly 7% as the US and Iran appeared to be moving closer to a deal. Market commentary pointed to possible resumption of oil flows through the Strait of Hormuz and continued drawing of inventories.
A sharp drop in crude on prospects of Hormuz reopening lowers energy and freight-related costs, and a deal could ease supply constraints that have supported prices.
reuters.comAmanda StephensonMay 24, 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.
Oil fell nearly 7% as the US and Iran appeared to move closer to a deal, a sharp sentiment-driven drop in the window.
