TEMPO.CO, Jakarta - Crude oil futures prices fell by about 5 percent on Sunday evening, May 24, as trading opened for the new week, following reported progress in peace talks between the United States and Iran, as ANTARA reported.
The price of West Texas Intermediate crude for delivery in July 2026 fell US$5.35, or 5.53 percent, to US$91.25 per barrel. The price of Brent crude for delivery in July fell US$5.57, or 5.38 percent, to US$97.97 per barrel at its lowest level.
U.S. President Donald Trump announced on Saturday that peace talks with Iran were "largely negotiated," pending finalization between the U.S., Iran, and other relevant countries in the Middle East.
Axios reported on Saturday, citing U.S. officials, that a draft deal soon to be signed by the U.S. and Iran includes a 60-day extension of the ceasefire. During this time, the Strait of Hormuz will reopen, Iran will be able to sell oil freely, and negotiations will take place on curbing Iran's nuclear program.
U.S. Secretary of State Marco Rubio said the U.S. is ready to start "very serious talks" about Iran's nuclear program if the country reopens the Strait of Hormuz, The New York Times reported on Sunday.
Meanwhile, Iran's Islamic Revolutionary Guard Corps (IRGC) Navy said on Sunday that 33 ships had passed through the Strait of Hormuz in the past 24 hours after coordinating and obtaining permission from its forces.
However, Hamad Hussain, a commodities economist at Capital Economics, warned that it would be difficult to quickly restore Iran’s energy supplies to pre-war levels due to damaged facilities, halted oil production, and broader shipping disruptions through the Strait of Hormuz.
Hussain said that oil prices will remain high for some time and will only begin to show a downward trend when a significant imbalance in oil supply and demand improves. This is likely to occur around mid- to late 2027.
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