Oil Prices Dip Amid Iran-U.S. Ceasefire Report

Oil prices dropped after an Axios report suggested the U.S. and Iran reached a ceasefire extension deal. U.S. data showing a lesser draw from crude stockpiles added to the bearish sentiment, impacting Brent and U.S. West Texas Intermediate futures. Potential reopening of the Strait of Hormuz remains critical.

Devdiscourse News Desk | (Updates With Official Data On Us Stockpiles And Analyst Comments In Paragraphs 6-10) * Us | Updated: 28-05-2026 22:34 IST | Created: 28-05-2026 22:34 IST

Oil Prices Dip Amid Iran-U.S. Ceasefire Report — This image is AI-generated and does not depict any real-life event or location. It is a fictional representation created for illustrative purposes only.

Oil prices slipped on Thursday as reports emerged about a ceasefire extension deal between the United States and Iran, according to Axios.

The news sparked a bearish sentiment, further fueled by U.S. data showing a smaller-than-expected decrease in crude oil stockpiles last week.

Brent crude futures dipped by 73 cents to trade at $93.56 a barrel, while U.S. West Texas Intermediate futures experienced a slight decline to $88.66.

(With inputs from agencies.)