Oil prices today: Crude drops below $95 amid US-Iran ceasefire extension speculation

May 29, 2026 - 08:30
Oil prices today: Crude drops below $95 amid US-Iran ceasefire extension speculation

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Oil prices dipped Friday as traders reacted to reports of a potential 60-day extension to a US-Iran ceasefire, which could ease restrictions on the Strait of Hormuz. While US Vice President Vance indicated a deal is close, sticking points remain, and renewed tensions on the ground underscore the ceasefire's fragility.

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