Brent crude fell below $99 as expectations grew that a U.S.-Iran deal would reopen the Strait of Hormuz. JPMorgan projected Brent could average around $60 long term if tensions ease, with WTI potentially sliding into the $80s if supply restoration is confirmed. Brent dropped about 4.87% in weekend CFD trading to roughly $98.87, extending a pullback from Friday’s settlement near $103. WTI’s July 2026 contract closed Friday at $97.00. The Strait of Hormuz carries about 20% of global oil trade, and disruptions have removed more than 10 million barrels per day at peak levels. Ceasefire signals previously drove double-digit price drops, and infrastructure and shipping repairs could delay full normalization. Bitcoin stayed near $77,000 over the Memorial Day weekend while traditional markets were closed.
"Brent crude fell below $99 on May 24 as Trump declared a U.S.-Iran deal largely negotiated, targeting the reopening of the Strait of Hormuz. JPMorgan forecasts Brent averaging $60 long-term if tensions ease, with WTI potentially sliding into the $80s on confirmed supply restoration. Bitcoin held near $77,000 through the Memorial Day weekend as crypto markets stayed open while NYSE, CME, and bond markets will be closed on May 25."
"Brent crude dropped roughly 4.87% in weekend CFD trading to around $98.87, extending a pullback from Friday's settlement near $103. The West Texas Intermediate (WTI) July 2026 contract closed Friday at $97.00, up 0.67% on the session, though weekend indications pointed lower. Earlier in May, Brent had traded above $110 on supply fears tied to the U.S.-Iran conflict before retreating sharply each time talks advanced."
"The Strait of Hormuz remains the pivot point. The waterway carries roughly 20% of global oil trade, and Iranian restrictions alongside U.S. naval actions have cut off more than 10 million barrels per day at peak disruption levels since fighting escalated in late February. Each round of ceasefire signals has knocked prices down by double digits in single sessions. Trump's weekend statements added weight to bearish sentiment."
"Infrastructure repairs and shipping logistics could delay full supply normalization by weeks or months, but the market is already pricing in restored flow. If talks collapse, the risk premium returns fast. Sticking points remain around Iranian control of the strait, uranium stockpiles, and concerns raised by Israel. Iran has submitted revised proposals, and regional players, including Saudi Arabia and the UAE, are reportedly involved in the process."
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