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Oil fell to a six-week low as the US and Iran tentatively agreed to extend their ceasefire by 60 days, with Trump saying he would make a final determination. WTI settled near $87 and Brent near $92, though Iran said no final understanding had been reached.
Easing expectations for Hormuz reopening lower energy and fertilizer cost premiums, weighing on biofuel and vegetable oil support and on freight. Risks remain as vessels were still attacked in recent days.
rigzone.comC. Charleston, A. Longley, N. LuaMay 29, 2026After 250 past bearish geopolitics events, BRENT moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 255 past bearish geopolitics events, WTI moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 51 past bearish geopolitics events, 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.
