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Oil prices dip amid reports of tentative US-Iran deal

Politics The Hill By Rachel Frazin 28 May 2026 19:21 1 min read
Oil prices dip amid reports of tentative US-Iran deal

Oil prices dipped Thursday amid reports that the U.S. and Iran had reached a tentative deal to extend their ceasefire and reopen the Strait of Hormuz. International benchmark Brent crude was trading at about $94 per barrel as of Thursday afternoon, down from about $96 per barrel before reports emerged.  U.S. benchmark West Texas Intermediate crude was around $89 per barrel,...

Oil prices dipped Thursday amid reports that the U.S. and Iran had reached a tentative deal to extend their ceasefire and reopen the Strait of Hormuz. International benchmark Brent crude was trading at about $94 per barrel as of Thursday afternoon, down from about $96 per barrel before reports emerged.  U.S. benchmark West Texas Intermediate crude was around $89 per barrel,...

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