Fuel Costs Fall as U.S.-Iran Ceasefire Deal Takes Shape

Key Details Negotiators from the U.S. and Iran reached a tentative agreement on May 28 to extend their ceasefire for 60 days and resume nuclear program talks. The deal still awaits President Trump's approval, and Iran has not yet publicly confirmed the agreement. Brent crude slipped 0.1% to $92.58 per barrel, while U.S. crude lost 0.1% to $88.81 per barrel. Why It Matters Oil prices remain significantly higher than pre-war levels, when crude traded around $70 per barrel in late February. The Strait of Hormuz, a critical shipping route, remains largely closed. According to the tentative accord, Iran won't impose tolls on transiting ships, while the U.S. would gradually lift its sea blockade on Iranian ports. What's Ahead Experts warn that a full recovery in oil supplies will be slow and uncertain. Shipowners may hesitate to resume operations in the Persian Gulf due to ceasefire stability concerns. Global oil markets remain cautiously optimistic, with a potential strait reopening offering relief but gradual production recovery expected.