Key facts
- Brent crude futures are inching higher.
- Brent crude futures declined nearly 20% in May.
- The May selloff was attributed to market reaction to peace rumors.
- A peace deal has not been finalized.
- The Strait of Hormuz remains closed.
- Iran is reportedly seeking a limited interim agreement with the U.S. to ease economic pressure.
Markets have been reacting to geopolitical developments, with recent price movements in crude oil influenced by speculation about peace initiatives. The closure of key shipping lanes like the Strait of Hormuz continues to be a significant factor in oil supply dynamics. Iran is reportedly seeking a limited interim agreement with the U.S. to ease economic pressure and stabilize the situation domestically, without making major concessions on its nuclear program.