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A one-night drop of $90: the crude oil market takes a heavy hit from “peace expectations”
On May 28, 2026, a landmark moment unfolded in the global oil market. The settlement price of WTI crude oil futures fell 5.55%, breaking back below the $90 level after nearly a month. As of 2:00 PM Beijing time on May 29, WTI July crude oil futures continued to slide to $87.96 per barrel, while Brent crude oil futures fell in tandem to $92.87 per barrel. Within a week, the weekly average price of WTI crude was $93.88 per barrel, down $10.38 from the previous week, a decline of nearly 10%; Brent’s weekly average price was $99.23 per barrel, down $9.45, a decline of 8.7%.
The root cause of this round of oil-price declines lies in the market’s strong expectations of a comprehensive easing of US-Iran relations.
#WTI crude oil falls below $90
$XTIUSD