Brent oil price in May posts biggest monthly loss since 2020
Bend oil posted its biggest monthly loss in six years as traders hoped the United States and Iran were nearing a deal to reopen the Strait of Hormuz.
The international oil index fell more than 19% in May, its worst month since March 2020 when the Covid-19 pandemic shut down economies. US West Texas Intermediate crude oil prices fell nearly 17% in May, their worst performance since April 2025.
Prices fell on Friday after President Trump said he would meet in the White House Situation Room to reach a final decision on reaching a deal with Iran. West Texas Intermediate It closed at $87.36 per barrel, losing 1.73%. Brent It fell 1.77% to $92.05 per barrel.
But Trump put forward a series of demands that Iran has rejected in the past.
The US president said Tehran must accept that it will never have nuclear weapons and immediately open the Strait of Hormuz to unrestricted traffic in both directions without tolls. He said that the Islamic Republic should accept the removal of the remaining mines in the strait.
Trump said Iran should allow the United States to uncover and destroy its enriched uranium, which was buried under the rubble of U.S. and Israeli strikes last year.
U.S. officials told CNBC on Thursday that negotiators are preparing a 60-day memorandum of understanding (MOU) to extend the ceasefire and begin talks on Iran’s nuclear program. Trump still must sign the Memorandum of Understanding, officials said. Axios first reported news of a Memorandum of Understanding.
