Jakarta, CNBC Indonesia - Global sentiment has provided a boost to\nworld oil prices, but this has resulted in a drop of over 5% in\nWednesday\u2019s trading (28\/5\/2026). The decline was triggered by comments\nfrom US Secretary of State Marco Rubio, who stated that Washington\nremains open to successful negotiations with Iran.<\/p>\n
Citing CNBC International, West Texas Intermediate (WTI) crude oil\ncontracts closed down more than 5% at $88.68 per barrel, while global\nbenchmark Brent crude also fell over 5% to end at $94.29 per barrel.<\/p>\n
Rubio made the remarks during a cabinet meeting at the White House,\nstating that talks between the US and Iran showed positive progress\ndespite ongoing tensions in the Middle East. Although President Donald\nTrump prefers diplomacy, he has other options if negotiations fail,\nlikely referring to potential military strikes.<\/p>\n
\u201cThe key is we prefer a negotiated diplomatic path and will give\nevery opportunity for it to succeed,\u201d Rubio said, according to CNBC\nInternational on Thursday (28\/5\/2026).<\/p>\n
US President Donald Trump also stressed that Iran would not be\nallowed to control the Strait of Hormuz in any deal. The strait is a\nvital global energy trade route, with around 20% of the world\u2019s oil\nsupply passing through before the conflict erupted.<\/p>\n
\u201cThat strait will be open to all. It is international waters; no one\nwill control it,\u201d the president said during his cabinet meeting.<\/p>\n
Previously, citing Reuters, Iranian state television stated that\nTehran had committed to restoring commercial traffic through Hormuz to\npre-war levels within a month of a US agreement. Iran proposed joint\nmanagement of ship traffic with Oman, but the White House denied the\nreport of a memorandum of understanding, calling it \u201ccomplete\nfabrication.\u201d<\/p>\n
Oil markets had been volatile in recent days as the US and Iran\nneared an agreement while facing the risk of new military escalation. US\nforces launched strikes in southern Iran, which the Pentagon described\nas defensive measures. In response, Tehran threatened retaliation.<\/p>\n
Industry experts doubt oil flows will quickly return to pre-war\nlevels. Despite renewed diplomatic prospects, market participants\nbelieve oil supply recovery will not happen swiftly.<\/p>\n
Abu Dhabi National Oil Company (ADNOC) chief Sultan Ahmed al-Jaber\npreviously estimated global oil flows would take at least four months to\nreach 80% of normal capacity, even if the conflict ended immediately. He\nadded that full recovery is likely only by the first or second quarter\nof 2027.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/global-crude-oil-prices-plunge-over-5-1779937784", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }