Brent up 3% after US strikes, peace talks uncertain
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- Brent crude rose 3.2% to $99.18 a barrel by 0820 GMT on May 26, 2026, after U.S. strikes in Iran.
- U.S. military conducted defensive strikes in southern Iran on May 25, 2026, heightening uncertainty over a cease‑fire.
- Marco Rubio said on May 26 that a peace deal could take “a few days,” dampening expectations of an immediate resolution.
- Doha talks involving Iran’s chief negotiator, foreign minister and Qatar’s prime minister produced a draft memorandum that would halt hostilities, clear mines from the Strait within 30 days and suspend transit fees.
- Giovanni Staunovo of UBS warned that while negotiations continue, West‑Asia tensions remain high and shipping through the Strait of Hormuz stays restricted.
Why it matters: Oil traders profit from Brent’s 3% surge, while Gulf exporters face delayed revenue as the Strait remains bottlenecked; the limited reopening of shipping could keep global oil supply tight for months.
