You are using an outdated browser For a better experience using this site, please upgrade to a modern web browser. Subscribe Get Daily Email Subscribe --> Contact Us Sign in Home News & Features Compliance Costs Bunker Prices Bunker Intelligence World News Latest Features World Americas EMEA Asia/Pacific Home News & Features World Oil Plummets 20% In May But Analysts Brace As Trump Makes "Final Determination" About Iran Oil Plummets 20% In May But Analysts Brace As Trump Makes "Final Determination" About Iran by Ship & Bunker News Team Friday May 29, 2026 Tweet Follow @shipandbunker Meanwhile, Iran’s crude loadings for May drop below 0.3 million bpd: File Image/Pixabay The enduring optimism among oil investors that a peace deal between the U.S. and Iran will be reached, despite Iran unwilling to give up its nuclear program or cease hostilities, led to the commodity on Friday continuing  its downward trajectory. As of 1616 GMT, Brent had fallen more than 2 percent to $91.61 per barrel, and West Texas Intermediate had also dropped by the same approximate percentage, to $86.73. To the relief of consumers, Brent was also set for a more than 20 percent drop monthly drop (for May), the biggest decline since 2020; WTI was on track for a 19 percent monthly drop. “ We’re approaching unheard-of inventory levels Neil Chapman, senior vice president, Exxon Mobil Although the previous session saw a 60-day ceasefire extension between the two countries ratified, mistrust and deception remained the defining factors of negotiations between the U.S. and Iran, with the latter’s latest claim  of shooting down a U.S. aircraft refuted by Washington ; and U.S. president Donald Trump reiterating that T ehran must immediately clear the Strait of Hormuz without charging tolls, in addition to surrendering its nuclear materials. Trump on mid-Friday retreated to the Situation Room to make a “final determination” on the next steps with the Islamic republic. Meanwhile, UBS an