Oil ends May down nearly 20% on US-Iran deal prospects (opens in new tab)

Oil prices fell sharply on Friday as traders priced in a possible U.S.-Iran agreement to extend a ceasefire and restore shipping through the Strait of Hormuz. Brent crude's July contract settled at $92.05 a barrel, down $1.66, while U.S. West Texas Intermediate closed at $87.36, down $1.54. Brent ended May down nearly 20%, its largest monthly decline since the early Covid-19 market shock in 2020. The framework under discussion would extend the ceasefire for 60 days, but it had not received fi...