economy
Brent oil price posts biggest monthly loss in six years as market counts on a U.S.-Iran deal
Oil prices fell Friday after President Trump said he would meet in the White House Situation Room to make a final decision about a deal with Iran.
TL;DR
- Brent crude experienced its largest monthly loss in six years, down over 19% in May.
- U.S. West Texas Intermediate crude prices fell nearly 17% in May, its worst performance since April 2025.
- Oil prices dropped Friday amid expectations of a U.S.-Iran deal to reopen the Strait of Hormuz.
- President Trump outlined demands for Iran, including no nuclear weapons and unrestricted traffic in the Strait of Hormuz.
- U.S. officials reported a potential 60-day memorandum of understanding to extend a ceasefire and start talks on Iran's nuclear program.