# Oil Settles at Six-Week Low | Rigzone

> 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.

- Date: 2026-05-29 · published 2026-05-29T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/19428-oil-settles-at-six-week-low-rigzone
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-02-02 | [Oil Closes Sharply Lower as Iran Risk Fades \| Rigzone](https://feedsoft.ai/events/8798-oil-closes-sharply-lower-as-iran-risk-fades-rigzone.md) | -3.1% | +0.6% |
| BRENT | 2022-03-11 | [Oil settles up but posts biggest weekly decline since Nov \| Reuters](https://feedsoft.ai/events/5783-oil-settles-up-but-posts-biggest-weekly-decline-since-nov-reuters.md) | -1.7% | -10.5% |
| BRENT | 2024-08-01 | [Oil prices fall 2% to six-week low on ceasefire talks, demand concerns](https://feedsoft.ai/events/29442-oil-prices-fall-2-to-six-week-low-on-ceasefire-talks-demand-concerns.md) | -3.4% | -2.1% |
| BRENT | 2026-05-29 | [Oil Sees Biggest Weekly Loss Since April on Iran Deal Talk](https://feedsoft.ai/events/12490-oil-sees-biggest-weekly-loss-since-april-on-iran-deal-talk.md) | +2.5% | -21.2% |
| BRENT | 2025-11-21 | [Oil prices settle down at lowest in a month as US seeks Russia-Ukraine peace deal \| MarketScreener](https://feedsoft.ai/events/22119-oil-prices-settle-down-at-lowest-in-a-month-as-us-seeks-russia-ukraine-peace.md) | +0.2% | -5.1% |
| WTI | 2026-02-02 | [Oil Closes Sharply Lower as Iran Risk Fades \| Rigzone](https://feedsoft.ai/events/8798-oil-closes-sharply-lower-as-iran-risk-fades-rigzone.md) | -1.6% | +9.9% |
| WTI | 2022-03-11 | [Oil settles up but posts biggest weekly decline since Nov \| Reuters](https://feedsoft.ai/events/5783-oil-settles-up-but-posts-biggest-weekly-decline-since-nov-reuters.md) | -2.8% | -9.4% |
| WTI | 2024-08-01 | [Oil prices fall 2% to six-week low on ceasefire talks, demand concerns](https://feedsoft.ai/events/29442-oil-prices-fall-2-to-six-week-low-on-ceasefire-talks-demand-concerns.md) | -3.4% | -4.7% |

## Sources

- rigzone.com: https://www.rigzone.com/news/wire/oil_settles_at_sixweek_low-29-may-2026-183813-article/

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