Global Oil Prices Fall Over the Week as Markets Watch US-Iran Peace Prospects

Global oil prices eased over the week as markets weighed positive signals from talks between the United States and Iran aimed at ending the conflict in the Middle East. While the two countries appeared to be moving toward a deal, several core issues remain unresolved. Differences over Iran’s enriched uranium stockpile and the management of shipping routes through the Strait of Hormuz remain major obstacles to the negotiations. On Friday, 22 May 2026, Brent crude futures, the international benchmark, rose by 96 cents to $103.54 per barrel. Despite closing higher at the end of the session, oil prices still posted a weekly decline. Brent fell by more than 5 percent over the week, while U.S. West Texas Intermediate (WTI) dropped by more than 8 percent. Pressure on oil prices mounted after U.S. President Donald Trump said earlier in the week he would delay an attack on Iran to give diplomacy room. However, Washington stressed that a deal would be difficult to reach if Iran continues to seek to permanently control traffic through the Hormuz Strait. ING analysts said market participants are still trying to read the direction of negotiations between Washington and Tehran. Although optimism is starting to emerge, uncertainty continues to dominate as previous peace talks had shown progress before stalling again. This has led some investors to take a cautious stance on the latest developments. The International Energy Agency (IEA) warned the oil market could enter a high-pressure phase ahead of the summer season in the northern hemisphere.