Brent slides 19% in May as US‑Iran deal hopes surge
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- Brent fell more than 19% in May, marking its worst monthly loss since March 2020.
- West Texas Intermediate dropped nearly 17% in May, its steepest decline since April 2025.
- Trump announced a White House Situation Room meeting to decide on a U.S.–Iran agreement, demanding Iran renounce nuclear weapons, open the Strait of Hormuz toll‑free, clear mines, and permit US destruction of buried enriched uranium.
- U.S. officials said negotiators drafted a 60‑day memorandum of understanding to extend the ceasefire and begin nuclear talks, pending Trump’s signature, while oil futures fell as markets priced in the deal hopes.
- U.S. crude inventories fell 900, keeping domestic supply tight amid the price slump.
Why it matters: The 19% Brent plunge hurts oil‑producing nations and energy traders, while the 900‑unit U.S. crude inventory drop keeps domestic supply tight, pushing fuel prices higher.
