Ice Brent futures retreated in early Asian trading on renewed prospects that a peace deal between the US and Iran was in reach.
The Ice front-month July Brent contract was at $93.20/bl at 04:00 GMT, lower by 51¢/bl from its settlement on 28 May when it ended 58¢/bl lower.
The Nymex front-month July crude contract was at $88.22/bl, down by 68¢/bl from its settlement on 28 May when it ended 22¢/bl higher.
US negotiators have reached a tentative agreement with Iran, but US president Donald Trump has yet to sign off on the deal, a White House official said on 28 May, without providing additional details.
Trump has claimed repeatedly in recent months that a breakthrough in talks with Iran was imminent, only to have an actual deal prove elusive. The latest statement from the White House comes on the heels of a renewed, small-scale exchange of fire between the US and Iranian military forces in the Mideast Gulf.
Both Iran and the US in recent days have indicated through semi-official sources that some elements of a potential deal, such as the status of Hormuz, could be implemented on a temporary basis, over a 60 day period, leaving the more contentious parts — such as Iran's nuclear programme — to a later stage.
The Trump administration warned Oman against co-operating with Iran in establishing a joint authority to control and, possibly, monetise navigation through the strait of Hormuz.
The US government "will not tolerate any effort to impose a tolling system in the strait of Hormuz", US treasury secretary Scott Bessent said on 28 May. "Oman, in particular, should know that the US Treasury will aggressively target any actors involved, directly or indirectly, in facilitating tolls for the strait and any willing partners will be penalised."
Bessent's statements came a day after Trump said the US would not agree to have Iran or any other country control navigation through Hormuz. "Oman will behave just like everybody else, or we'll have to blow them up," Trump said.
Oman is a long-standing US partner and has played a key role in mediating between Tehran and Washington for more than a decade. But the Omani-mediated talks between Trump's envoys and Tehran in April 2025-February 2026 failed to achieve a breakthrough and were interrupted twice by US military action against Iran.
New oil companies will be arriving in Venezuela over the next few weeks to discuss deals, acting Venezuelan president Delcy Rodriguez said, but did not mention specific companies. Her government has signed new deals and expanded existing ones with companies from BP to Italy's Eni and Spain's Repsol over the last few months, under a new oil law perceived to be more business friendly.
Ice Brent futures retreated in early Asian trading on renewed prospects that a peace deal between the US and Iran was in reach.
The Ice front-month July Brent contract was at $93.20/bl at 04:00 GMT, lower by 51¢/bl from its settlement on 28 May when it ended 58¢/bl lower.
The Nymex front-month July crude contract was at $88.22/bl, down by 68¢/bl from its settlement on 28 May when it ended 22¢/bl higher.
US negotiators have reached a tentative agreement with Iran, but US president Donald Trump has yet to sign off on the deal, a White House official said on 28 May, without providing additional details.
Trump has claimed repeatedly in recent months that a breakthrough in talks with Iran was imminent, only to have an actual deal prove elusive. The latest statement from the White House comes on the heels of a renewed, small-scale exchange of fire between the US and Iranian military forces in the Mideast Gulf.
Both Iran and the US in recent days have indicated through semi-official sources that some elements of a potential deal, such as the status of Hormuz, could be implemented on a temporary basis, over a 60 day period, leaving the more contentious parts — such as Iran's nuclear programme — to a later stage.
The Trump administration warned Oman against co-operating with Iran in establishing a joint authority to control and, possibly, monetise navigation through the strait of Hormuz.
The US government "will not tolerate any effort to impose a tolling system in the strait of Hormuz", US treasury secretary Scott Bessent said on 28 May. "Oman, in particular, should know that the US Treasury will aggressively target any actors involved, directly or indirectly, in facilitating tolls for the strait and any willing partners will be penalised."
Bessent's statements came a day after Trump said the US would not agree to have Iran or any other country control navigation through Hormuz. "Oman will behave just like everybody else, or we'll have to blow them up," Trump said.
Oman is a long-standing US partner and has played a key role in mediating between Tehran and Washington for more than a decade. But the Omani-mediated talks between Trump's envoys and Tehran in April 2025-February 2026 failed to achieve a breakthrough and were interrupted twice by US military action against Iran.
New oil companies will be arriving in Venezuela over the next few weeks to discuss deals, acting Venezuelan president Delcy Rodriguez said, but did not mention specific companies. Her government has signed new deals and expanded existing ones with companies from BP to Italy's Eni and Spain's Repsol over the last few months, under a new oil law perceived to be more business friendly.
By YouLiang Chay