Oil prices eased from recent highs on Wednesday, trimming some of the previous day’s roughly 4% jump as traders sought clarity on U.S.-Iran negotiations after renewed hostilities stalled efforts to reopen the strategic Strait of Hormuz. Market participants cited uncertainty over whether the two sides can revive talks amid fresh military action.
Brent crude futures fell $1.52, or 1.53%, to $98.06 a barrel as of 0633 GMT, while U.S. West Texas Intermediate (WTI) lost $1.90, or 2.02%, to $91.99 a barrel. The pullback erased part of the strong gains seen a day earlier.
The market spike on Tuesday followed new U.S. military strikes in Iran, which dampened hopes that the United States and Iran would reach an agreement to end the conflict after tentative optimism over the weekend. Traders reacted to the risk that renewed fighting could further disrupt shipping and supply in the region.
Iran accused the United States of violating a ceasefire by striking targets near the contested Strait of Hormuz, a crucial oil shipping lane. The U.S. described the strikes as defensive in nature, and the competing claims added to market unease as participants awaited clearer signals from diplomatic channels.
—Reuters
Original Source: https://www.thehindu.com/news/international/iran-israel-us-war-live-updates-27-may-2026-trump-peace-deal-pakistan-strait-of-hormuz/article71027588.ece
Category:
Tags:
Publish Date: 2026-05-27 14:32:00
