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Oil prices drop over 4% as talks to reopen Strait of Hormuz with Iran progress

Market News
24 May 2026
CNBC
View Source
Bullish
pluang ai news

Crude oil prices fell more than 4% after U.S. President Donald Trump indicated that negotiations with Iran to reopen the Strait of Hormuz are moving forward. West Texas Intermediate futures dropped nearly 5% to $92.05 per barrel, while Brent futures fell almost 5% to $98.88 per barrel. The talks aim to end Iran's de facto blockade of the strategic shipping route, which has severely disrupted oil exports from the Middle East. If successful, this could ease supply concerns and stabilize oil prices, though previous optimism has been followed by renewed tensions.

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