A model of an oil pump is seen in front of an Iranian flag in this illustration taken January 9, 2026Treasury Department says Iran committed to IAEA inspections.Treasury licence says Iranian oil can be imported into US.Cuba, North Korea, Crimea among those excluded from licence.
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Oil extends decline on rising Middle East supply
A view of oil storage tanks and facilities in Ningbo, Zhejiang, China, March 21, 2026. — ReutersBrent, WTI hit lowest since February 27.More stranded oil tankers exit Hormuz.US crude stocks hits lowest since 1984.
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Hormuz reopening hopes send oil prices tumbling as Iran negotiations gain traction
An oil tanker docked at Port of Fujairah, in Fujairah, United Arab Emirates, May 6, 2026.— Reuters
Prices fall on hopes renewed efforts may reopen Hormuz.Iran, Oman finalising deal to manage strategic waterway.Flows through strait slip to about one-quarter of pre-war levels.