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Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford
May 27, 2026

Oil extends drop as Iran TV says it has seen draft deal with US to reopen Hormuz

Oil prices dropped over 5% after Iranian state TV reported a draft deal with the US to reopen the Strait of Hormuz, easing supply concerns.

A drone view of a pump jack and drilling rig south of Midland, Texas, U.S. June 11, 2025. REUTERS/Eli Hartman/File Photo
May 20, 2026

Oil prices slump after Trump comments while analysts point to supply crunch

Oil prices dropped over 2% after President Donald Trump's comments on Iran peace talks, while analysts warn of ongoing supply disruptions in the Middle East.

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